C Class 6-Plex. Good starting property?
Hey BP,
I found a 6 plex property near me that the numbers look good in terms of cash flow. It was built in 1965, 4 2bed/1bath & 2 1bed/1bath. They are asking for $313,000 for sales price with rents at $3200. Doesn't need much renovation for each unit. The schools are good BUT it is about 1 to 2 miles away from a medium crime area (based on trulia). Is that something that is too close to the property to consider? I don't want a property that is going to be a constant worry or attract a lower quality tenant. Also, is there a way to fund the down payment since I don't have 60k to put down? I am trying to figure out a way that makes sense and still allows me to cash flow.
Thanks so much for any help!