I am rounding my mortgage costs up for easy calculation and my owner expenses (percentages) are pretty conservative Purchase Price: $215,000Gross Rents: $2,400 ($1,200 per unit)_________________________________________________________________________________-Mortgage Costs-Principle: $1000Interest: 3.5% ( I may do a rate & term refi for a 3.2% interest rate)Taxes: $210Insurance: $140 (Lowest quote thus far)Appox.Total: $1350/month_________________________________________________________________________________-Owner Expenses-Utilities: $0/Minimal (water and electric separate)Prop.

Otherwise you're eliminating about 90% of your potential buyer's pool.  

Trying to get family interested in pooling resources has been difficult -- since we are primarily focusing on CASH purchase ONLY.We currently own two properties (both fully rented) and would like to purchase additional rental properties in/near major universities in New Orleans, LA. 

Apartment buildings can be one story or multi-story, include two through dozens of living units, and may provide services such as clubhouse facilities, laundry, fitness center, swimming pool, and playgrounds.Property exposures are from the electrical wiring, heating, air conditioning, cooking and plumbing systems.

Make sure you do your research on the reputation of anyone who might offer to help you so you don't end up in hotter water (there's a lot of great people on BP, but that doesn't mean everyone ) You may have to give up more of the future profit than you'd like-- but at least you'd stand a chance of getting to a profitable point.

I would insist on a 6 month lease right now as well and have the renewal be during the summer when there is a larger renters pool.  

It also increased the value tremendously because now someone can buy from me without requiring a commercial loan, so the pool of buyers is exponentially larger. (5 units on one tax lots requires a commercial loan). 

Expenses: $52,355-Janitor $400-Water $11,000-Repairs- $1000 (This seems so unlikely for a 19 unit!)

No mailed check or pick ups.Purchase price 300k and owner is giving 20k towards upgrades/repairs etc  Plan is to install surveillance cameras, lights, paint doors and shutters, 2 water heaters and new signage and minor fixes etc.

During that time, there was a water leak at the property (vacant property) and the water bill was over $5,000.