16 unit possible deal?

General Real Estate Investing
1

Alright guys long time lerker. I have 3 sfhs i rent now and thats been going well. In my search for more properties i found 2 8 unit building i can get for 200k total or 100k each

Property taxes are 4400 yr total for both building and they are 16 units total all 1 br units.

Building are over under design with 4 under and 4 over each brick buildings built in the 70s.

Looks like they havent been maintained much in the last years and they are in a crappy area.

Rents seem according to craigslist to be in the 395-430 range but im guessing they are closer to 350.

Im using the 50% rule and getting better than 100$ per door and thinking this may be a go. Its not listed on the MLS yet as I have an inside track that its for sale but not listed yet.

Theres an 8 unit building down the road listed on loopnet for 289k and it looks to be the same. thoughts?

2

did i leave out any info?

Id really like an oppinion from the knowledgable folks on the forum.

3

shaftslinger,
Why don’t you research the 50% rule on this site. Then post your numbers using the 50% rule, and see what feedback you get. Maybe there just aren’t that many commercial readers right now.

If you post your homework on line here, it’ll be interesting to see what you come up with. You will get a good grasp of your plan and others can critique it. What’s your financing and your downpayment?

Furnishedowner