Need Advice: Should I Invest in this Property with Limited Savings?

[Gabriella Nataldie]

Hey everyone,

I could really use some guidance on a property investment decision I'm facing. Recently, I came across a 4-plex in Florence AL listed at $310k. The current rents are $600 per unit, and the seller mentioned significant renovations over the past two years. Unfortunately, I haven't gotten any pictures yet.

Here's where I'm at financially: I had $10k in savings, but after some unexpected hospital bills for my dad, it's looking more like $8k now. However, I do have a steady income that allows me to save about $1.5k per month for investments.

I'm torn because this property seems like a golden opportunity, especially considering it's the only offer in the area, and the potential profit looks promising. But with my diminished savings, I'm not sure if it's wise to jump in now or wait until I've saved up more.

What would you do in my situation? Any insights or advice would be incredibly helpful.

Thanks for your help!