The Real Numbers Behind My $2.3M Multifamily Deal (Sleepy Hollow P&L Breakdown)

Title: The Real Numbers Behind My $2.3M Apartment Deal (Made Simple)

Let’s keep it real. You can talk about cap rates, ROI, and cash-on-cash all day—but if you don’t know what a P&L is, you’re missing the most important piece.

P&L stands for Profit and Loss Statement. It’s like the report card for your rental property. It shows how much money is coming in (that’s the rent) and how much is going out (expenses like repairs, insurance, taxes, etc). And most importantly, it tells you how much is left over at the end of the month (your profit).

Let me tell you how I used a simple P&L to make one of the smartest moves in my career: buying a 21-unit apartment building in Tampa, Florida for $950K and putting $350K into repairs. It might sound scary, but I promise, I’ll break it down like you’re sitting across from me at a coffee shop.

Why the P&L Is the First Thing I Look At

I’ve done all kinds of deals. Flips, Airbnbs, seller financing, creative stuff. But every time I look at a property, I ask one thing first:

“Can I see the P&L?”

Here’s why:

• It shows if the property is making money.

• It tells me if expenses are too high.

• It lets me spot hidden problems before I buy.

I’ve seen too many people get burned because they trusted the rent numbers or fell in love with the photos. That’s like buying a car because it’s shiny, without checking if the engine works.

The P&L shows the truth.

My Real Example: Sleepy Hollow Apartments

So this property was 21 units, each with 2 bedrooms and 1 bath. It was built in 1982. Some people passed on it because it used to be a condo project that didn’t work out. But I saw the numbers, and they looked good.

Here’s what I saw on the P&L:

• Rent collected each month: $21,945

• Yearly income: $250,173

• Expenses for the year: $59,500

• What’s left after expenses: $190,673 (That’s the Net Operating Income or NOI)

I bought it cash, so I didn’t have a mortgage. That meant the $190K a year was cash flow straight to me. That’s over $15,000 per month after everything.

But again, the reason I said yes wasn’t the location or the rent. It was because the P&L told me this deal worked.

What Did I Do Next?

Most people would just sit back and collect the rent. I went a step further.

• I converted the condos back into apartments (because apartments are easier to manage and sell as a whole).

• I created an HOA (so the legal side was clean and I could operate smoothly).

• I kept the expenses tight by hiring the right people and managing the right way.

The result? This property now runs like a business. And I know exactly what it’s doing every month because of—yep, you guessed it—the P&L.

Here’s the Trick: Don’t Just Look at Rent

So many beginners only look at what the rent is. “Oh wow, this place makes $2,000 a month!” Yeah, but what are the expenses?

Let’s say your rent is $2,000, but your expenses are $1,800. That means you’re only making $200/month. And that’s before taxes or unexpected repairs. Is it worth it? Probably not.

But if you know how to read a P&L, you can see the real picture. You’ll know what the cash flow is after everything. You’ll see which properties make money and which ones are just headaches waiting to happen.

What I Teach My Students

I’ve taught hundreds of students in my Property Profit Academy. And one thing I always say is:

“Numbers don’t lie. But people might.”

Wholesalers might hype a deal. Agents might skip over details. But the P&L? It’s all there in black and white.

If the income is strong, and the expenses are under control, and you still have money left at the end of the month—that’s a good deal.

Learn to spot those, and you’ll build wealth way faster.

Planning for the Future (And the Payoff)

Three years later, I sold the property for $2.3 million after buying it for $950K and putting $350K into repairs. That’s a solid return on a smart investment—and it wasn’t luck. It was all about using a simple P&L to guide the decision.

I didn’t guess. I didn’t hope. I looked at the numbers, made a plan, and executed. The cash flow during those three years was great, and the exit made the whole play a home run.

Quick Terms to Know (In Plain English)

Here are a few terms that show up on a P&L:

• Gross Rent: What all the tenants pay you before any costs

• Expenses: What you pay to run the place (repairs, taxes, insurance)

• Net Operating Income (NOI): What’s left after expenses but before debt

• Cash Flow: What’s left after you pay the mortgage (if you have one)

• Cap Rate: A fancy way to say return on investment based on NOI

• Cash-on-Cash Return: What percentage you’re earning based on your actual cash invested

Don’t let the terms scare you. They’re just ways to measure if a deal is worth it.

Final Thoughts

You don’t have to be a math genius to do this. You just have to be willing to look at the real numbers.

Forget the hype. Forget what people say online. If the P&L doesn’t make sense, walk away.

And if it does? Buy it, manage it smart, and let it pay you month after month.

Keep it consistent, stay patient, stay true—if I did it, so can you. This is Jorge Vazquez, CEO of Graystone Investment Group and all our amazing companies, and Coach at Property Profit Academy. Thanks for tuning in—until the next article, take care and keep building!

If you’d like to connect directly with me, feel free to book a time here: https://graystoneig.com/ceo

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