Getting started and looking for input on a 4Plex

[Eric Nelson]

Hello, I'm in northern MN, and looking into getting into investing, and am looking for some advice.

I'm looking at a 4 plex locally with 4 2b 1ba units.

Cost is $160k, but I think it's worth closer to $180k.

Yearly Rent is $26,760.

I would use my heloc for down payment so basically financing the whole thing.

Love the location

Has 1 lifer(been there 7 years) the current owner has not raised rent on in a while and I probably wouldn't either.

Taxes are $3000

Tenants pay electric

Average local income is $35K with average house price is $138,582.

Seems like even @ $165k I'd be doing pretty well.

I'd self manage, and fix issues, but from what I can see, there are not any pressing CapX's needed.

Not sure on cost of heat yet.

Any other info needed?

I'd love some input on what thoughts are.

Thanks!

-Eric