13 unit asking 550k, after a month long counter and couter offer,final accepted price 456k, 56k cash down less tax credit and deposit, 400k owner finance at 7% amortize over 20 years, 5 year balloon.
Gross Income (Year) $77,400.00
Vacancy
Vacancy Rate @ 10% $7,740.00
Operating Expenses
Fixed
Property taxes $7,800.00
Insurance $4,200.00
Variable
Property management
Maintenance $4,200.00
Legal Fees $200.00
Accounting fees $800.00
Advertising $300.00
Administrative expenses $600.00
Utilities $600.00
Total Expenses $26,440.00
Net Operating Income $50,960.00
Mortgage
- First Mortgage 20yr@7% $37,212
- Second Mortgage
Profit or Lost $13,748
Ratios
Debt Coverage Ratio 1.37
Cap Rate 11.75%
Cash on Cash Return 24.55%
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