three homes on one lot - rentals
Hello, everyone. I'm looking to purchase a property that includes a 13,000 sqft lot with three single family homes on it.
Asking Price: $200K
Home 1 - Currently occupied by owner, but can rent for $1000. slight work needs to be done, but no more than $3K
Home 2 - Currently rented for $900 and no work needs to be done.
Home 3 - A bit run down, but can be fixed up for less than $10K and can be rented for $900.
Now this is different for me, but these three homes are on one single lot and share the same address. But apparently this is common in this neighborhood and each home is identified by a "1/2" as a post script to the numerical address of the home (if that makes sense). Wondering if anyone has any experience with this. My concern is if this can be financed as a conventional mortgage or will this be considered a multifamily? I think it's a good deal based on the numbers, but when it comes to selling the property, I just can't sell them individually, it has to be sold altogether. Thoughts and opinions are welcome.