I’m looking a property in Blythe, CA there asking $760,000 I’d offer $690,000 with 35% down.
These are the numbers I got back from the private lender for the down payment-
Loan Summary
Principal: $241500
Interest Rate: 6%
Loan Term: 30 years
Number of Payments: 360
Monthly Payment: $1,447.91
Total Principal Paid: $241,500.00
Total Interest Paid: $279,749.23
Total Paid: $521,249.23
Loan Summary
Principal: $241500
Interest Rate: 6%
Loan Term: 20 years
Number of Payments: 240
Monthly Payment: $1,730.18
Total Principal Paid: $241,500.00
Total Interest Paid: $173,743.44
Total Paid: $415,243.44
Property info-
Price:$760,000
Units:24
Building Size:17,800 SF
Price/Unit:$31,666.67
Property Type:MultifamilyProperty
Sub-type:Garden/Low-Rise
Property Use Type:Investment
Cap Rate:10.12%
Gross Rent Multiplier:4.86
Occupancy:100%
No. Stories:2
Lot Size:30,381 SF
Actual Scheduled Gross Income$140,704
Operating Expenses$63,773
Net Operating Income$76,931
Pre-Tax Cash Flow$44,179
Based on the number does this look like a good deal? Should I start my due diligence on the property?