Can You Look At My Numbers

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I am looking at a 4 unit building for sale for $120,000. There are 3 one bedrooms and a two bedroom. Rents are $350 $350 $385 $415. Tenants pay water and electric (electric heat). Taxes are $2600 a year. Its an old brick building in a fair area. I am in an area where prices are going up about 3-4% a year and we did not have the rapid appreciation of the last 5 years. There is no pressing deferred maintenance although each unit could use a refresh(cabinets, carpet, fixtures). The nice thing about that is that they are small enough where it wouldnt take much to make them nicer. I can get 100% financing on this building. Besided verifying what kind of tenants are in there, what else should I be looking at? How do the numbers look?

Comments(2)

  • billfaith8th March, 2007

    I cant find any comparables. Its a smaller town, older building. Most 4 families are newer and therefore more $$. I am told the rents are about right for the size of the units. I have not gotten any info from the seller yet, just prelim numbers.

  • billfaith9th March, 2007

    It is nice that its brick although someone painted the brick white at some point which sucks. It has 4 seperate circuit breaker services, although I dont know if that means the wiring is good. Good thought on the oil tank. I didnt see anything but didnt look at everything yet.

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