Should I purchase this deal and how?
Greetings ,
So been looking for a special deal for a while recently came across this deal located in a stable community in New York. The property price is$ 875k. Total building sqft is 8500. Property consist of four homes with total 10 units all of which are occupied sitting on 3.9 acres. Also has frontage to a small lake.
One house is occupied by the current owner and will be vacant once they move out allowing me to rent out these units from added income. This house only has a 2 family status but is set up to be a 3 family. I may be able to file for 3 family status. Tenants pay all utilities except landscaping, plowing, taxes($22,600 yearly) and house insurance
The rental income is total $6,550 a month currently based on financials provided by seller agent. But once the owner occupied house is rented out either as 2 to 3 units the income will jump to $8,399 (2 units rented)- $10,399(all units rented).
Also this is an great area located near a hospital and college. All the tenants are Contractor, retirees, Nurse, store manager,etc. With all these units slowly updated and rented raised to market value. Gross Income could go as high as $12,783 based on area comps.
I would like to know based off this information. How should I finance this deal and does this sound like a good deal to the community? I work a regular job as a property management of about 300 units all over ny. My income goes up and down. My base salary is about 2200 a month but I also get commissions. I have no debt and a credit score of 686 (Was a 740 but due to fraud on a store cards it was maxed out which effect my score). I have about 50k in the bank and can also get family involved in the venture.
Look forward to hearing what everyone has to say. Thanks ahead of time.