The deal looks really good to me, but I've never bought any income-producing real estate.

4-plex with laundromat for $250,000 - the buildings were built in 1998. Not any real necessary updates needed immediately.

The income is $4,600 and they say expenses are $3,300. I'm doing some looking to make sure that's close.

Thoughts?

I assume the laundry makes money?

$4,600/month total income for complex - laundromat grosses $2,000/month.
$3,300/month total expenses for complex, including laundromat

The fact that there's a laundromat makes it both enticing on one hand and not worth it for me on the other. I don't have time (for $2,000/month) to mess with or worry about a laundromat. I went by there Friday to look at the property and a plumber's van was there and he was fixing a problem.

Ok but you still haven't explained what the expenses are that you're quoting. If those expenses INCLUDE PITI, then it seems like a good deal. If the seller is paying $3,300 a month to staff and maintain the laundromat, then that's an awful deal.

Yes, the expenses include PITI, along with electricity, gas, water.

Another red flag for me in terms of what the realtor sent out on the expenses is insurance. He said "$2,000" for insurance annually. With the laundromat included the policy would have to be commercial. The roof is 15 years old and doesn't have a WPI-8.

Never trust realtor numbers ... so much hope in "pro forma" and no one ever calls their B.S. because of the small print.

Investigate your own numbers and make your offer based on your own results, good luck!

So what are your PITI numbers on top of the expected expenses? Forget what the pro forma says. It's garbage.

They were taking offers until 5 pm today and I didn't put one in

You may find this informational. Looks like a lot of maintenance.

If you won't buy it, I will.

Four plex is under market rent at $625 a door state wide.

Our four plex in Canadian is getting $750 a door.

The laundry mat could be sub leased if you don't want to manage it.