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All Forum Posts by: Mike Penn

Mike Penn has started 2 posts and replied 3 times.

Thanks for the responses.  That confirms most of what I was thinking anyway.  Adding up taxes, debt service and any property management seems to make it an unreasonable investment at $300k.  

Really appreciate the insight.

MP

Hey everyone-

My wife and I recently were approached by someone who offered to sell us their 4-plex in Dexter, MI.  Dexter has been one of the fastest growing markets in Southeast, MI and is a great little town. My wife and I have done a few flips with the hopes of eventually buying rentals for long term cashflow.   Here is our first look at a MF property so I'm looking for some input.

Details:

Age - Built 1977

Condition: Good.  Solid Brick Building.  Roof is good. Newer windows and AC units recently.  Walked all of the units and they are in good shape

Location: Good neighborhood.  Great schools. Easy access and walking to a nice downtown.

Units: 4 - 2bd/1ba 

Utilities- All electric
Asking Price; $300K
Current Taxes: $8100
Utilities: $275 per month 
Insurance: $200 per month
Average Annual Costs Including withdrawals for self-managing fee, Taxes/Insurance and Utilities- $26k per year

Current Rent: 3 Units $850, 1Unit- $800 per unit (tenant pays electric)
Comparable local units for 2br - $900-975

All questions and comments are welcome.

Thanks in advance!

Post: Evaluating Possible Beaverton, OR Opportunity

Mike PennPosted
  • Dexter, MI
  • Posts 3
  • Votes 0

I'm new the real estate game but have had success in several flips in my area (Ann Arbor, MI).  I have a potential opportunity out of state for the first time.  I'm looking for advice from those who have managed a remote flip and to potentially get some insight into the Beaverton/Portland, OR market for those out there.  I wouldn't be adverse to wholesaling the property as well.

Here are some of the specifics on the property.

  • Location: Beaverton, OR - 10-15 mins from downtown Portland. Very Close to the Nike headquarters.
  • 4bd/2.5ba, 1950 sqft.  Built in 1963. Split level.
  • Everything is dated.  Hardwood floors under the carpet.
  • New roof. 
  • Needs new furnace and A/C.
  • Kitchen/baths paint need to be redone.

Questions

  • Currently looking at a purchase price of $360,000
  • Is an ARV of 430-450 reasonable for that area?
  • Advice on out-of-state flipping?
  • Ballpark costs on reno?

Thoughts/Advice suggestions?