I'm on the path to doing my first deal and I need a little help figuring out how much to offer for the property. Here is the breakdown of everything.
- 3/2 and 1/1 2770sf total
- Already rented
- Recently lightly renovated (paint, refinished
- $2200 monthly income
- Avg $500 in utilities
- Clean Title
- Asking $114,000
- No owner financing
- FMV ranges from $120k from zillow to $154k from
totalview real estate
I'm planning to do a simple assignment on this one.
Most of the investors on my buyers list are looking for a 15-16% cap rate. I have contacted them to verify how they calculate their cap rate to make sure I buy the property correctly. Is there anything I am missing or forgetting?