Bought our fourth multifamily rental - in a new state!
Excited to say that my husband and I closed escrow last week on our fourth rental! We already own one in CA and 2 in AZ, but just bought this one in CO.
Here's a little run down of some basics: it's a fourplex built in the 1980s. Price was $340,000 and we put 25% down and got a mortgage payment of $1350/month. Each unit is rented for $800 (for a GRM of 8.9), but should be at least $850-$900 (for a GRM of 8.3 or 7.9). It had T-lock roof on it, but the seller had a brand new roof put on while we were in escrow. Needs 4 new windows and exterior paint, but otherwise pretty good. Got a PM to manage it for us out there. Not as good as the deals available a few years ago, but it's still turning a profit. Should net over $100/unit at current rents for a 6% ROI, which will go to over $150/unit and 8% ROI at rents of $850.
Most expensive Christmas present we ever bought ourselves!