- Joined
- Apr 10, 2008
- Messages
- 107
I could really use fellow member’s feedback with this.
The property is a legal non conforming 6 plex in a great area in a Top 10 town.
It has 6 good sized 2 bedroom apartments. 2 apartments per floor.
This property was originally a house when it was built in 1920, it has been a 6 plex since 1940.
Purchase price is 420k
Here are the numbers. They have been rounded.
Property Tax 5400
Insurance 2000
Hydro 6600
Gas 4000
Snow/garbage removal 1200
Maintanence 3000
Water/sewage 1800
Property Management 4960
Vacancy 3100
Expenses $32 060
Gross is $62 000
Property needs 25k in work to make it great. I have quotes .
I am putting 20% down and can get a residential rate mortgage of 3.79% fixed 4 years.
The roof was re done last year. Some windows replaced. 7 separate meters, all new electrical. Some new plumbing, but a lot will need to be replaced as it iron.
The units condition: 2 are fair with long term tenants, 2 are good, 2 are renovated.
Large lot.
Currently rents are at market but include hydro... so I guess one could say they are slightly below market. As tenants move out, new rents will not include hydro.
Home inspection showed us there was very little to no insulation in the attic! Insulation will be added which should lower the gas bill.
The building is fire coded with a fire alarm system. Heat sensors etc...overkill, but its there.
I really like this property, I love the street and it s close proximity to downtown, the lake, and transit.
This place will cash flow, and I like the appreciation potential.
I would really like your feedback on this.
Thanks for reading.
The property is a legal non conforming 6 plex in a great area in a Top 10 town.
It has 6 good sized 2 bedroom apartments. 2 apartments per floor.
This property was originally a house when it was built in 1920, it has been a 6 plex since 1940.
Purchase price is 420k
Here are the numbers. They have been rounded.
Property Tax 5400
Insurance 2000
Hydro 6600
Gas 4000
Snow/garbage removal 1200
Maintanence 3000
Water/sewage 1800
Property Management 4960
Vacancy 3100
Expenses $32 060
Gross is $62 000
Property needs 25k in work to make it great. I have quotes .
I am putting 20% down and can get a residential rate mortgage of 3.79% fixed 4 years.
The roof was re done last year. Some windows replaced. 7 separate meters, all new electrical. Some new plumbing, but a lot will need to be replaced as it iron.
The units condition: 2 are fair with long term tenants, 2 are good, 2 are renovated.
Large lot.
Currently rents are at market but include hydro... so I guess one could say they are slightly below market. As tenants move out, new rents will not include hydro.
Home inspection showed us there was very little to no insulation in the attic! Insulation will be added which should lower the gas bill.
The building is fire coded with a fire alarm system. Heat sensors etc...overkill, but its there.
I really like this property, I love the street and it s close proximity to downtown, the lake, and transit.
This place will cash flow, and I like the appreciation potential.
I would really like your feedback on this.
Thanks for reading.