Hi,
I'm hoping to get some advice/feedback on an investment that a friend currently owns. It's a multifamily home with 3 floors and a basement in a desirable area. It's divided into 3 units: 2nd and 3rd floor living space has 3 individual leased tenants, first floor apartment has 1 tenant and the basement has 1 tenant. Each has their own entrance.
Below are the numbers:
Current Market Value of the home $630k
Loan amount 490k
Remaining loan amount 415K
30 year (22 years left) 3.75%
Total cash invested 100K (down payment/improvements)
Total mortgage payment = 3.5k
Total rental income = $6600
This was this person residence at one point but has since been converted into a rental property within the past year. Do these numbers look good or is selling it a smarter decision?
Thanks
