http://listing.loopnet.com/15033533
Scheduled Gross Income: $226,260
Vacancy 10%: $(22,626)
Laundry: $800
Effective Gross Income: $204,434
RE Taxes: $17,660
Other Expenses: $84,389
Total Expenses: $102,049
Net Operating Income: $102,385
Seller is asking $875,000 for 45 units.
@ $375/unit income would be $202,500
50%rule says NOI would be $101,250
Debt service with zero down would be $68,100
Cash flow should be $33,150/year and $61/unit monthly cashflow.
AND
http://listing.loopnet.com/15241584
Bank owned
Asking $780,000 @ 365 per unit (low ball) and 48 units
Gross income could be $210,240
50% rule would make NOI $105,120
Debt service $60,708 with close to zero down.
Wouldn’t this place cashflow $44,412/year. $77/unit monthly. To get it to $100/unit it would only need a (relatively) small downpayment.
Why havent they been purchased?
What’s the “SECRET”?