- Joined
- Aug 9, 2010
- Messages
- 2
I`m new to this and would love some advice.
I`m looking at a 12-plex in a not-so-great part of Kingston, that shows great numbers. I wouldn`t expect much appreciation, and there isn`t much of an exit strategy. Vacancy rates are very low, but I`m told this property is a little more hands on than what I could get in other parts of town - hence the low price. I`m based out of Ottawa, so I`d have to rely on a property management company, at least for the week to week stuff.
Here are the approximate figures:
12-plex: 650,000
Income: 98,000
Mgmt: 6,000
Tax: 20,641
Ins: 1,583
Utilities: 9,575
Maint: 5,000 (my own estimate)
A few notes:
- All tenants pay their own hydro (except one who is moving out soon)
- While Kingston isn`t one of the top cities, it does fit my Belize as that`s where we want to live eventually.
- I have some experience with tenants, but not with multi-families.
Any thoughts? Don`t hold back.
Cheers
Pierre
I`m looking at a 12-plex in a not-so-great part of Kingston, that shows great numbers. I wouldn`t expect much appreciation, and there isn`t much of an exit strategy. Vacancy rates are very low, but I`m told this property is a little more hands on than what I could get in other parts of town - hence the low price. I`m based out of Ottawa, so I`d have to rely on a property management company, at least for the week to week stuff.
Here are the approximate figures:
12-plex: 650,000
Income: 98,000
Mgmt: 6,000
Tax: 20,641
Ins: 1,583
Utilities: 9,575
Maint: 5,000 (my own estimate)
A few notes:
- All tenants pay their own hydro (except one who is moving out soon)
- While Kingston isn`t one of the top cities, it does fit my Belize as that`s where we want to live eventually.
- I have some experience with tenants, but not with multi-families.
Any thoughts? Don`t hold back.
Cheers
Pierre