First Time- Multifamily units

Tampa, Florida
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First Time- Multifamily units

Lindsay Fitzgerald
Member since 2025 · 4 posts · 4 votes

I am in Naples/Fort Myers/Cape Coral area and just starting to view listings from an agent. Is there a list of questions or things I could use to reference what things to consider when purchasing? This is all so new to me. Also, anyone have any history with sober living situations? Thanks! 

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Kerlous TadresBusiness Member
Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
1y

Hey @Lindsay Fitzgerald, from my experience, first look at cash flow, make sure rents cover expenses, and leave some buffer. Check the building’s condition: roof, HVAC, plumbing, and electrical. Big repairs will eat your profits. Look at location and rental demand: schools, jobs, and turnover matter. Ask about vacancies, tenant history, and what upgrades have been done recently.A simple trick I use: walk the property, talk to tenants if you can, and compare numbers side by side. It gives a real feel for risks and upside beyond just the listing sheet.

[email protected]614-490-1163
Kerlous Tadres | Reafco Real Estate542 Reviews
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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 968 votes
    1y

    @Lindsay Fitzgerald

    Hey Lindsay, when evaluating multifamily units, some key things to look at are: rent comps for the area, current occupancy rates, property condition (roof, HVAC, plumbing, foundation), and cash flow projections including all expenses. Even if a property is sold “as-is,” it’s worth getting an inspection to avoid surprises. For out-of-state investing, having trusted local resources like inspectors, property managers, and contractors is crucial. Midwest markets often offer strong cash flow and affordable acquisition costs, making them a great place to start building a portfolio without the extreme competition or prices of Florida.

    [email protected]614-418-6081
    1Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1y

    Hey @Lindsay Fitzgerald, from my experience, first look at cash flow, make sure rents cover expenses, and leave some buffer. Check the building’s condition: roof, HVAC, plumbing, and electrical. Big repairs will eat your profits. Look at location and rental demand: schools, jobs, and turnover matter. Ask about vacancies, tenant history, and what upgrades have been done recently.A simple trick I use: walk the property, talk to tenants if you can, and compare numbers side by side. It gives a real feel for risks and upside beyond just the listing sheet.

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate542 Reviews
    WebsiteView Page
    2Reply
  • Amber Stout
    Lender · Tampa/Saint Petersburg, FL · Member since 2014 · 356 posts · 148 votes
    1y

    Hey Lindsay, welcome! I started out house hacking a small multi so I’ll share what helped me when I was new. A few things to dig into when you’re looking at multifamily:

    • Numbers first – What are the current rents vs. market rents? Factor in vacancy, repairs, insurance, taxes, and management even if you plan to self manage at first.

    • Condition – Roof, plumbing, electrical, HVAC. Factor in Capex if needed.

    • Layout – Separate meters for utilities? Shared laundry? Parking? Those little details affect your tenant pool and expenses.

    • Location – In your area, flood zones and insurance premiums can make or break a deal. Check that upfront.

    • Exit strategy – Could you live in one unit (house hack) or would you keep it fully rented? Think through financing options too, since you may qualify for owner occ loans with lower down payments.

    On the sober living piece. The main difference is usually licensing and local zoning/HOA rules. Definitely worth checking city and county regs before you buy with that plan in mind.

    Aside from being an investor, I am a mortgage broker specializing in working w investors. Happy to help w your first time MF. 

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  • Joseph TadresPro Member
    Real Estate Agent · Columbus, OH · Member since 2025 · 184 posts · 179 votes
    1y

    Hey @Lindsay Fitzgerald, for your first multifamily, I’d suggest focusing on cash flow, property condition, and the neighborhood’s rental demand. If considering sober living, make sure to check local rules and have a clear management plan in place. A quick checklist for numbers, repairs, and regulations really helps.

    2Reply
  • Jeux Marseille Fajardo
    Specialist · Member since 2025 · 32 posts · 12 votes
    1y

    That’s exciting, Lindsay! 🏡 When I started looking at listings, I found it really helpful to ask about things like neighborhood trends, rental potential, insurance costs, and any repair/maintenance red flags. BiggerPockets also has some great checklists you can use as a reference. Curious to hear more on the sober living angle too — sounds like an interesting niche!

    1Reply
  • Benjamin Louie
    Property Manager · Erie & Millscreek PA | Maggie Valley & Haywood County NC · Member since 2024 · 264 posts · 119 votes
    1y

    @Lindsay Fitzgerald 

    Congrats on starting your search! It can definitely feel overwhelming at first. A good starting point is to ask your agent about flood zones, insurance costs, age of roof/HVAC/plumbing, and whether the home has hurricane protection (impact windows, shutters, etc.). Those are big in our area. Also, look at HOA rules and rental restrictions since they can make or break an investment strategy.

    As for sober living, I haven’t run one personally, but I know a couple of investors who did. It’s definitely a different model, higher management needs, stricter compliance, but also steady demand. If that’s something you’re seriously considering, I’d suggest connecting with local operators or checking zoning first because cities/counties can have very specific requirements.

    1Reply
  • Chris Forbush
    Investor · Member since 2023 · 66 posts · 37 votes
    1y

    Hey Lindsay, thank you so much for posting this! I'm interested to see how this works out for you and what you've learned along the way as you work to make it happen. 

    I myself am working to secure a small multi family here in Salt Lake County, Utah and I see the value of sober living. I wish you the very best but I don't have a lot of advice as I'm still working on my first deal. There's some great folks here giving you some solid gold so I'd apply what they're sharing and I believe you'll be just fine. 

    Best of luck! Please share more about what you learn along the way. 

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