Can You Look At My Numbers
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?
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.
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.