Max,Every participated in a sport where it takes a while to develop special skills?

The utilities are not split (so they are currently included in the rent), but once a tenant moves out we plan to split them and make the tenants pay them.We plan to offer $25,000 and assume we can negotiate to $28,000.Using Mike's 50% operating expenses, that leaves $500 for NOI.

Thats $11,000 at best, in holding costs and that doesn't include any utilities, trash dumpster, etc."

The tenant moved out and owes me for last month and a half rent plus utilities.

Also contact an appraiser and inform them of you intentions to purchase and ask it they will provide you with a desk review or approximate market value in exchange for consideration of utilizing their future services.

For example, you completely ommitted advertising, management (even if you do it), maintenance (even if you do it), legal expenses, evictions, setout fees, damage done by tenants (in excess of the security deposit), entity maintenance, utilities paid by the owner during rehabs and vacancies, capital expenses (although not technically an operating expense), lawsuits, etc, etc, etc (I could go on and on and on).The good thing is that you're at break even, so this is not a disaster.

OK here's all the info I have: Two properties w/8 fully rented units, $3890 gross income/month, seperate utilities.

They cut it up, put in roads and utilities, build houses and sell them.

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The other thing we do with lease options is make the tenant responsible for repairs and all utilities if they were to own it themselves.