Updated almost 5 years ago on . Most recent reply
First Time Investor- Quadplex
Hi everyone,
I have been looking into buy and hold properties in my area for about a year now and have had little luck. I am looking to live in one unit and rent out the rest. In my area, these types of building are scarce. Vero Beach Fl is where I am located.
A quadplex recently came on the market for 500k. We've got the seller down to 475k, but the place still needs a new roof in the next year as well as 3 new AC units. This is what I can tell before the inspection has taken place.
Right now 2 units have leases at $900/m, the other 2 units are month to month. One rents for $700 the other $500. Looking to get the last one out, so I can move in with a smaller down payment.
There are virtually no rental properties available in my area, but the realtor thinks we can get $1,100-$1,200 a unit. Each is a 2/2. No dish washer and an on-site pay to use laundry room.
I can afford the down-payment. If I had no tenets I could swing the mortgage, but I'd be eating Ramen. I do have additional funds invested and right now have a total of about $72k, wether it's in saving or investments.
Really just trying to get feedback one wether or not I would be in over my head or not. I know I'm really the only one who can say that or not, but is it realistic to say I could get that much for rent and is the cost of the quadplex just too much, considering the work that needs to be done? I also don't want to spend the money to get it inspected if it's just going to waste.
Any input would be appreciated.