13 unit asking 550k 续 part3 2008-07-18 09:20:12

[jy101]

New prospect- 13 unit asking 550k 续 part3 2008-07-18 09:20:12


New prospect- 13 unit asking 550k 续 part3
5 month after closing on the property, with new round of tenant change and rent increase, monthly rent now at $7030 per month, increase from about $4800 when it was with previous landlord, expected vancancy down to 5% compare to previously expected 10%, positive cash flow expect to be $22,321 this year.


Part 1 here http://web.wenxuecity.com/BBSView.php?S ... sgID=32461
Part 2 here http://web.wenxuecity.com/BBSView.php?S ... sgID=50153


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) $84,360.00

Vacancy
Vacancy Rate @ 5% $4,218.00

Operating Expenses
Fixed
Property taxes $7,800.00
Insurance $4,121.00

Variable
Property management
Maintenance $6,000.00
Legal Fees $200.00
Accounting fees $800.00
Advertising $300.00
Administrative expenses $200.00
Utilities $1,200.00


Total Expenses $24,839.00


Net Operating Income $59,521.00


Mortgage
- First Mortgage 20yr@7% $37,200
- Second Mortgage

Profit or Lost $22,321