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May 26, 2012, 01:52:02 AM

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Real Estate Investing Forums  |  Real Estate Investing  |  Commercial, Mobile Homes, Self Storage, Notes, Land Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Apartment deal I've been looking at...what do you think? « previous next »
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Author Topic: Apartment deal I've been looking at...what do you think?  (Read 354 times)
obsessed with success
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Posts: 1


« on: May 25, 2011, 05:16:15 PM »

I'm looking a property in Blythe, CA there asking $760,000 I'd offer $690,000 with 35% down.

These are the numbers I got back from the private lender for the down payment-

Loan Summary
Principal:     $241500
Interest Rate:     6%
Loan Term:     30 years
Number of Payments:     360
Monthly Payment:     $1,447.91
Total Principal Paid:     $241,500.00
Total Interest Paid:     $279,749.23
Total Paid:     $521,249.23

Loan Summary
Principal:     $241500
Interest Rate:     6%
Loan Term:     20 years
Number of Payments:     240
Monthly Payment:     $1,730.18
Total Principal Paid:     $241,500.00
Total Interest Paid:     $173,743.44
Total Paid:     $415,243.44

Property info-

Price:$760,000
Units:24
Building Size:17,800 SF
Price/Unit:$31,666.67
Property Type:MultifamilyProperty
Sub-type:Garden/Low-Rise
Property Use Type:Investment
Cap Rate:10.12%
Gross Rent Multiplier:4.86
Occupancy:100%
No. Stories:2
Lot Size:30,381 SF
Actual Scheduled Gross Income$140,704
Operating Expenses$63,773
Net Operating Income$76,931
Pre-Tax Cash Flow$44,179

Based on the number does this look like a good deal? Should I start my due diligence on the property?
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Real Estate Investing Forums  |  Real Estate Investing  |  Commercial, Mobile Homes, Self Storage, Notes, Land Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Apartment deal I've been looking at...what do you think? « previous next »
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