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Your Price: $1,903,000 or $173,000 each
CASHFLOW! – 22 units in Sarasota! These are 11 duplexes, 21 units are 2/1’s and one is a 3/1. The rents have not been kept in line with the market so they vary greatly. Each duplex is between 1,200 and 1,400 square feet. A Super Wal-Mart has just agreed to build less than 0.7 miles from here so this has the potential to turn into commercial. These sit on approximately 2 acres. All units are concrete block and tiled throughout. Half of these are on HUD but have not been updated. HUD now pays $824 a month for 2/1’s and $1,024 for 3/1’s in this area and there is a waiting list. The currents rents vary from the lowest of $585 to the highest 2/1 at $785; however, these are in the process of being bumped up by Section8 (HUD).
You can buy one duplex or all 11. Comparables are hard to find but we feel each duplex will appraise at 235k+. Your price is $173,000 per duplex or, this is negotiable if you take them all. This is an up and coming area in Sarasota and the lowest priced multi- units around, a wood frame duplex is on the market right down the street for $260,000.
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Answer:
If the rents can be increased as described, it is even better.
You need more info though: age, condition, area, tax, insurance. Ask for pictures inside and outside.
Then the next thing is to fly there to have a look.
The local market needs to be studied.
Costs that SFH does not have: 1) bank loan charge, up to 1% of the loan; 2) bank lawyer fee, up to 0.5% of loan; 3) appraisal fee could be $5,000 to $10K. These fees will be out of your pocket, the bank will not include them in the loan.
If the bank requires 30% down, you should have 35% cash; if the bank requires 35%, you should have 40% cash. Assume you eventually buy them at $1.7M, you should have $600K at least.
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CASHFLOW! – 22 units in Sarasota! These are 11 duplexes, 21 units are 2/1’s and one is a 3/1. The rents have not been kept in line with the market so they vary greatly. Each duplex is between 1,200 and 1,400 square feet. A Super Wal-Mart has just agreed to build less than 0.7 miles from here so this has the potential to turn into commercial. These sit on approximately 2 acres. All units are concrete block and tiled throughout. Half of these are on HUD but have not been updated. HUD now pays $824 a month for 2/1’s and $1,024 for 3/1’s in this area and there is a waiting list. The currents rents vary from the lowest of $585 to the highest 2/1 at $785; however, these are in the process of being bumped up by Section8 (HUD).
You can buy one duplex or all 11. Comparables are hard to find but we feel each duplex will appraise at 235k+. Your price is $173,000 per duplex or, this is negotiable if you take them all. This is an up and coming area in Sarasota and the lowest priced multi- units around, a wood frame duplex is on the market right down the street for $260,000.
==============================================
Answer:
If the rents can be increased as described, it is even better.
You need more info though: age, condition, area, tax, insurance. Ask for pictures inside and outside.
Then the next thing is to fly there to have a look.
The local market needs to be studied.
Costs that SFH does not have: 1) bank loan charge, up to 1% of the loan; 2) bank lawyer fee, up to 0.5% of loan; 3) appraisal fee could be $5,000 to $10K. These fees will be out of your pocket, the bank will not include them in the loan.
If the bank requires 30% down, you should have 35% cash; if the bank requires 35%, you should have 40% cash. Assume you eventually buy them at $1.7M, you should have $600K at least.
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