Running the numbers...TX multi-family

[M Aron]

Listed price $105,000
1,947 Sq. Ft.
11 Units
0.17 Acres
Year Built: 1982

If I bought at 100K,

loan of 90,000
7% interest only mortgage: 525
taxes: 250
insurance: 83
repair/property management: 385
total monthly expense: 1243

monthly income:
$175 X 11 units= $1925 potential gross income
vacancies: 193
effective gross income: 1732

income - expense = 1732 - 1243 = 489/month cash flow

How does this look? Tell me what you think.

Thanks,

Mat

[Just Information]

This is based upon your numbers

Cash Flow Details


Gross Annual Income $23,940
Annual Property Taxes -$250
Insurance -$85
Advertising -$100 I added this in
Management Fees -$2,394
Reserves -$1,197 added this in
Vacancy Rate -$2,394 (10.00%)
Maintenance/management Rate -$4,620 (19.30%)

Net Operating Income $12,900

Debt Ratio Details

Net Operating Income $12,900.00 / Debt Service $7,983.63

Debt Coverage Ratio: 1.62

A few areas that you left out



Hazard Insurance
Advertising
Water/Sewer
Electricity
Gas
Phone
Trash
Reserves

[M Aron]

As I was looking it over, I saw there is only 1947 sq ft; that would be only 177 sq ft per unit! I searched the tax records and the tax appraisal. Under the improvement valuation, it listed there is a quadplex multifamily class 13, basement, garage, main-upper floor, balcony, main-ground floor, storage, open porch, addition, balcony. It doen't look like it is an 11 unit property. The 2004 tax appraisal said total value is 103K (not that it is FMV).

It looks like there is a misprint. Thanks for replying; I thought I was leaving some things out.

Mat