Updated over 2 years ago on . Most recent reply
1% rule challenge
Has the 1% rule changed with recent market turns.
I am looking at a 4 plex with rents of 1275 x 3 & 1500 x 1.
Total expenses (PITI) will be approx, $6000. Checking local market rent for this property does look viable at all 4 units for $1500. Giving that $6000
It is in an area of AIRBNB and could be used for AIRBNB also giving a larger income but the asking price is $900K
Obviously, even with $1500 rent for all 4 units, this is less than 1% of asking price.
What do you all think?