Ah, okay regarding the BP link. I'll have to figure out another way to do that. I copied over the key numbers below.
Appreciate your input regarding loopnet, I had a feeling that properties that linger on loopnet are not a good deal for one reason or another, thanks for confirming. In this case I'm more interested in if my expense numbers seem correct, and if this deal would be good in theory. I'm just getting started and want to practice analyzing some deals before I pull the trigger on anything. Am I including all the necessary expenses? Do any of my figures seem wrong?
Here's the numbers as best as I can figure, would appreciate feedback
Purchase Price: $105,000
Down Pymnt: $21,000
Closing: $2,500
Vacancy: $164.50 (7%)
Capex: $282 (12%)
Garbage: $60 (figured one large can per duplex, is that adequate?)
Mgmt: $235 (10%)
Prop tax: $262.50 (Rochester NY has 3% prop tax)
Repairs: $117.50 (5%)
Water & Sewer: $120 (figured $30mo per unit)
Insurance: $75
P&I: $425.62 (30yr 4.5%)
Misc: $60 ($120 month for a gardening for 6 month season)
Not including snow removal
$2350 Rent
-$1802.12 Expenses
$547.88 Cashflow (with 20% down)
Looking at the 50% rule you mention it would indicate that I should cash flow approximately $1175 if it was purchased in cash. If I remove the P&I pymt from the expenses I come up with $973.50, maybe the discrepancy is owing to the high 3% property tax rate or some of my other expenses are too high?