Alright I ran the number and I looks good but of course I need a second opinon.
156K priciple (Working 145k seller in motivated)
Rents 2700/mo
taxes 4500/yr
rehad cost 7K will
800 yr utilities (documented)
insurance 1500/yr
So what is the verdict.
If your rehab expenses are accurate this is certainly a deal worth pursuing. You should be around $1230 for P & I if financed at 150K. $375/month for taxes, $125 for Insurance. That puts you at $1730 = $67 for utikities so rounded you are @ 1900/month. With rent at $2700/month you are in the ball park for what I would consider although I would still try to negotiate a better price and the taxes seem exhorbinant for a $150K property so having a reassessment done might be wise if you do take possession at that price.
yeah I agree, taxes seem to be a tad inflated.
I was looking at a property for $260K that had taxes of about $8900/yr. It seemed really high as well, but the building was almost new too so that may have played a part in the expense.
How many units is this building?