Thanks.5 Unit aparment house in Rhode Island7 Parking spaces for add. incomeAking 299,000Purcahsed for 250,000 ( 16% less than asking price ) 299,000 - 250,000 = 49,000 / 299,000 = 16( 25% Down{50,000.00})200,000 mort.30 Years7.8% fixed1439.74 monthRental Income525.00 for average unit ( This may be off for this area or not )Gross Monthly2625.00Yearly Gross31,500.00Parking Space Income175.00 month ( 7 x 25.00 = 175.00 )175.00 x 5% vacancy = 105.00Parking Space NOI 1995.00 yearlyExpensesGas ( 50.00 month, 600.00 yearly )Electric ( 100.00 month, 1200.00 yearly )Water ( 70.00 month, 900.00 yearly )Total Utilities ( 220,00 month, 2640.00 yerly ) Vacancy ( 131.00 month, 1575.00 yearly) (31,500 x 5% = 1575.00) Taxes ( 275 month, 3300.00 yearly )Insurance ( 100 month, 1200.00 yearly)Yearly Rehab ( 75 month, 900.00 yearly )Yearly Maint

I agree with you when you said "cash is king" but how about properties that are in the 250,000 - 300,000 price range ?

In Texas, this means watering in the summer.

There is a new four car garage with EDO, the tenants use their own washer and dryers but the owner's water and electricity.

This is to cover common areas)Utility ExpenseElectricity Water GasSewerTotal Utility Expense = 3.1%SuppliesApartment cleaningCarpet cleaningExterminationGroundsPaintingPlumbingOther Maint/RepairsGarbage /Trash RemovalHeating and Cooling RepairsTotal Operating & Maint exp = 16.6%Real Estate TaxProperty and liability insuranceTotal Taxes = 8 .1%Net = 57.9%

. ***· 400 acre mountain lake, year around streams & springs - the ability to use the water for snow making & natural pipes is a huge advantage!!

.), there is a water leak in the yard, the ceiling in the bathroom collapsed from a storm (the insurance company half-assed the repair), now the roof is still leaking and there is water damage on most of the ceilings.

Does the shower have enough water pressure?

I would find out what properties are renting for in the area then test the waters.

Jump in the waters fine.