I all, I am new to BP, interested in buy and hold and trying to get my first rental.
What would you do?
Triplex in Massachusetts.
Asking price: $262,000 ( came down from $279000)
Total rent : $2,750( all units occupied with good tenants)
Estimated repairs: it has new roof and 3 unites recently remodeled. Only expense is that unit #2 tested positive for lead. It may need deleading ASAP, there is child living in the unit. Not sure about cost but I am calculating $ 10,000 ( tell my if I'm wrong). for the 3 units. The siding is metal. I am not including state credits that if I'm not wrong is $1,500 per unit.
Minor improvements : $3000.
After using the BP calc these are the numbers:
Monthly cash flow: $462.49
Cash on Cash 8.36%
2% rule: 0.98%.( in the area is tough to get the 2%).
Many, many thanks for your advice.
