Purchase InfoPurchase Price $660,000- First Mortgage -$462,000- Second Mortgage -$0= Downpayment $198,000+ Buying Costs $13,200+ Initial Improvements $10,000= Initial Cash Invested $221,200Square Feet (21 Units) 14,250Cost per Square Foot $46Monthly Rent per Square Foot $0.82Cost per Unit $31,429Average Monthly Rent per Unit $557Mortgages First SecondLoan-To-Cost Ratio 70% 0%Loan-To-Value Ratio 70% 0%Loan Amount $462,000 $0Loan Type AmortizingTerm 30 YearsInterest Rate 6%Payment $2,769.92 $0.00Financial Metrics (Year 1)Annual Gross Rent Multiplier 4.7Operating Expense Ratio 35.9%Debt Coverage Ratio 2.57Cap Rate (Purchase Price) 13.0%Cash on Cash Return 23.6%Income Monthly AnnualGross Rent $11,700 $140,400Vacancy Loss -$585 -$7,020Operating Income $11,115 $133,380Expenses (% of Income) Monthly AnnualCleaning & Maintenance (9%) -$1,000 -$12,000Insurance (4%) -$416 -$4,992Management Fees (9%) -$1,000 -$12,004Taxes (7%) -$782 -$9,387Utilities (6%) -$615 -$7,380Garbage Collection (2%) -$176 -$2,108Operating Expenses (36%) -$3,989 -$47,871Net Performance Monthly AnnualNet Operating Income $7,126 $85,509- Mortgage Payments -$2,770 -$33,239- Year 1 Improvements -$0 -$0= Cash Flow $4,356 $52,270

Back to square one: MLS, showings, offers, counter offers and a lot of time lost before the potential closing. 

I will be relocating and maybe adding a couple radiators to reconfigure some rooms, no added square footage.  

I'm real estate investor in Kirkland, WA.  

I too have heard Seaway but have run into the same thing with banks not wanting to lend on the south side (Auburn Gresham, Washington Heights).  

We had to deal w/a foreign investor and we learned a lot through that process.

After it's clamped measure diagonally from corner to corner to make sure it's 'square'.  

Other than a new roof that was 50 squares it has been very low maintenance, so while cash low is low, cash on cash looks impressive. 

Most of my projects are in Washington DC and most contractors in my area come from Maryland or Virginia.  

For something like that, I would assume that the extra space would cost about the same as new construction (on a per-square-foot basis).