prospect - 13 unit asking 550k, 2008-07-17 19:09:53

[jy101]

New prospect- 13 unit asking 550k, 2008-07-17 19:09:53

13 unit asking 550k, counter at 425k and owner financing.
will entry at $475, 10k closing


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% $44,192.04
- Second Mortgage

Profit or Lost $6,767.96

Ratios
Debt Coverage Ratio 1.15
Cap Rate 11.32%
Cash on Cash Return 67.68%
Break Even Point On Units 10.56