-MikeProperty 1: $650,000 | 10 Units | 8.2% CAP | 1Bed, 1Bath Gross Revenue Q3 2017MonthlyAnnualUnit 1$ 615Unit 2$ 630Unit 3$ 615Unit 4$ 745*New Tenant 08/10/2017Unit 5$ 615Unit 6$ 635Unit 7$ 665*New Tenant 08/10/2017Unit 8$ 570*Long Term TenantUnit 9$ 600Unit 10$ 635Annual$ 6,325.00Other IncomeLate Fees$ 58.33$ 700.00Laundry Revenue$ 150Total$ 6,533.33$ 78,400.00Vacancy0Expenses:Cleaning and Maintenance$ 150$ 1,800Insurance$ 442$ 5,305Legal$ 41.67$ 500Repairs$ 278$ 3,338Taxes$ 606$ 7,276Utilities$ 632$ 7,582Total Exp$ 2,150.12$ 25,801Income$ 4,383.22$ 52,598.58*Current Offering Price$681,8127.71%Units: 4,6,7,10 are on Current LeasesAll other units on Month-to-Month from previous leasesSingle Meter for Water/Gas, can be billed back to Tenant monthlyElectricity in Tenants NameProperty 2: 23 Units | $1,652,000 | 7.24% CAPUnit Mix:Proforma:Rate/MonthSF/Unit1 Bedrooms12$ 650.00$ 7,800.008002 Bedrooms11$ 800.00$ 8,800.001000$ 16,600.00Actual Gross Revenue Q4 2017:MonthlyAnnualUnit 1$ 750Unit 2$ 550Unit 3$ 550Unit 4$ 475Unit 5$ 505Unit 6$ 605Unit 7$ 585Unit 8$ 795Unit 9$ 595Unit 10$ 550Unit 11$ 600Unit 12$ 525Unit 13$ 570Unit 14$ 625Unit 15$ 570Unit 16$ 630Unit 17$ 555Unit 18$ 500Unit 19$ 525Unit 20$ 490Unit 21$ 600Unit 22$ 650Unit 23$ 675Monthly Total$ 13,475Other IncomeLate Fees$ 50.00$ 600.00$ 600.00Laundry Revenue$ 245$ 2,940$ 2,940.0010 Garages (Included in Rents)$ -$ -$ 4,200.00Total$ 13,770.00$ 165,240.00$ 206,940.00Vacancy: (100% Occupancy***)$ 688.50$ 8,262.00$ 10,347Total:$ 13,081.50$ 156,978.00$ 196,593.00*Assumed 5%Property Management: (Self***)$ 915.71$ 10,988.46$ 14,485.80Total:$ 12,165.80$ 145,989.54$ 182,107.20*Assumed 7%Expenses:Cleaning and Maintenance$ 291.67$ 3,500Full Coverage Insurance$ 710.42$ 8,525Legal$ 50$ 600Repairs$ 279$ 3,350Taxes$ 1,392$ 16,707Utilities$ 1,082$ 12,988Total Expenses$ 3,805.84$ 45,670Analysis NOI:$ 8,359.96$ 100,319.46$ 136,437.12Asking Price/ Cap Rate$1,652,0006.1%8.3%Current NOI/CAP-Actual Operating:$ 9,964.16$ 119,569.927.24%Owner Improvements & Costs:All New Windows$ 40,000New Hail Resistant Roof & Gutters$ 40,000New Garage Doors$ 10,000New Carpet in Common Areas$ 8,000New Circulating Pump/Hot Water$ 2,000Unit Upgrades/Appliances$ 20,000$ 120,000Kitchen & Bathroom Reno:Unit Cost $3,000; Resulted in $150 - $200/Unit Rent IncreaseOwner creating a waiting list for unit reno's from tenant demandUnit Rental Rate Inflations:Rent Increase Notices given every year, Tenants aware & compliant

Before you send this newbie with no experience and no gas money out driving in circles, at least tell him where you invest in Raleigh.

The building was actually converted from usage as a 4 Family, which is it's LEGAL usage via it's Certificate of Occupancy and it's current configuration as a 3 Family.I went down to the basement to confirm that there were 4 Gas Meters and 5 Electric meters.

Here in Louisville, the local company (Louisville Gas and Electric) actually requires the landlord to verbally verify that the new tenant is a resident in the property.

Currently it appears that a 50 gallon gas water heater is supplying the units (with a 40 gal supplying the laundry room).

@gabriel vasquezGet yellow pads of paper, put gas in your gas tank and drive around looking for vacant houses that are boarded up or notes from the city on the door.Write a note and tape it on the garage or front door that says you like the area and were wondering if they would want to sell.

That being said..the home has one air conditioning unit, one meter for electricity, water, gas, etc.

soap for fats and sugar, I use Coleman stove gas (white gas) for tar or oil based stains, and water for most anything else, go easy on the water as you don't want it to get on the other side of the polyurethane (through cracks and grooves). 

There are many places to eat(Pizza, Boston Market, Dunkin Donuts, Bagel Deli, Indian, BBQ, Greek) and stores (7/11, CVS, Auto-Zone, TD Bank, Post-Office, Florist, Gas station) all within a three-minute walk.

The utility companies in my area are closed on the weekends, at least for activation of services. without service, i had no water, electric or gas in order to begin making repairs and cleaning.