JeffListing Price:$159,000 INCOMERental Income$1,748 $.85/sqft.Garage$0 Laundry$0 Storage$0 Misc$0 Total Monthly Income$1,748 EXPENSESTaxes, Property$350 Insurance$100 UtilitiesElectric$0 Water$100 Sewer$50 Gas$0 Garbage$0 HOA$0 Lawn/Snow$0 Vacancy$100 Repairs$100 "Capital Expenditures (i.e. new roof)"$150 Property Mgr $0 Mortgage $705 Total Monthly Expenses $1,655 CASH FLOWIncome $1,748 Expenses ($1,655)Total Monthly Cashflow $93 CASH-ON-CASH ROIDown Payment $15,900 10%Closing Costs $5,000 Rehab Budget$5,000 Misc, Other  $0 Total Investment $25,900 Annual Cashflow $1,111 Cash to Start: $25,900 Cash-on-Cash ROI 4.29%

Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

Sewer, gas, electric, water?

You can rent it with no new carpet, but if the roof leaks it could cost you a LOT. 

Following are some details about properties: Convenient Store with gas station, car wash, office building and bottle redemption Convenient Store with DELI, bottle redemption and one 3 bedroom apartmentI am ready to hold the note on both properties for appropriate buyer.Regards,Sam

Did someone else's unit spring a leak and leak into your unit?

Then we will have to go with the Gas forced unit with the trunking or you could have 2 window unitsBid for remodelingDemo upstairs kitchen and tub and bathroomremove all debris from in the crawl spacekitchen down stairsremove tub shower down stairsremove old wall furnaceremove old carpethaul away all trashWindows and doorsall windows need replaced 14 total, the upstairs windows need to be special glass because of the coding from the building depart for height restrictionsFront door need replacedAll interior doors need replacesUpstairsWalls will need to be removed and replaced to convert to a 4-5 bedroom homeAll new interior doors need replacedPlumbing removed there will be no bathroom upstairsBathroomA brand-new bathroom will be installed with a tub shower, vanity, toilet,an faucets.

These units rent for 450 + gas & electric and pet fees.The former landlord mostly rented to students. and would just leave units vacant until he could get one.

Out of state property manager was notified by tenant of 'water leak from slab in kitchen' at the end of July.  

Tenant saying it’s leaking in room when it rains.