I found a property locally … this was it seems totally rennovated it was condemmed two years ago… New Siding and occupied…
Multi-family Property
3 total unit(s)
Year Built: 1900
Approximately 4928 sq. ft.
Heating features: Oil
Exterior features: Public sewer srvc, Public water supply
Unit 1 has 2 bath(s)
Unit 1 is renting for $ 2600 - Rented as Commercial Office
Unit 2 has 3 bedroom(s)
Unit 2 has 1 bath(s)
Unit 2 is renting for $ 850 - apartment
Unit 3 has 3 bedroom(s)
Unit 3 has 1 bath(s)
Unit 3 is renting for $ 850 - apartment
Approximately 0.3 acre(s)
Lot size is less than 1/2 acre
Supposedly this is the income 4,300 per mo.
I dont know the expenses accurately… ( Will find out more )
Asking Price is 425,000,
This seems much to me … so i’ll run it past you Gurus… Whatdyall think… I would most likely need partner(s) couldnt handle the payment myself… ;D
I wouldnt touch it, cash flow is not there after you pay the financing. If you dont make money on it from the day you buy it in the form of positive cash flow then I wouldnt touch it. Buy it so you can make money off it without even counting possible appreciation. In other words you would be happy with the income you get from it while you own it even if 20 years down the road you sell it for what you paid for it.
ON just the details you have given on the property I would want at least 6500-7000 per month income in order to touch that property. That is minimum and it also depends on the detailed expenses. If they run too high then of course more income would be needed in order to make it worth it. As is I would only pay 280,000 to 290,000 for that property with the income it is producing. there are a lot out there dont get burned by havnig to take money out of your pocket every month.
I found a property locally … this was it seems totally rennovated it was condemmed two years ago… New Siding and occupied…