Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
3y
Tenants pay water? You got a PM, snow removal and gardening included? Are you getting Estoppel certs to verify rents and deposits etc. I would get an extra thorough inspection and walk every unit. I don't need to say that is an old building; make sure the electrical and plumbing has all been replaced. Even if you don't think you will have capex expenses set money aside now if you go ahead. All the best!
Hey Brandon. Born and raised in Rochester and currently own/house hack a 3-family here.
I am curious what area this is located in, a purchase price of ~$250k for a 4-unit tells me you're in a lower class area. Can probably give you some more detail on that if needed.
Old houses are typical in the area though, mine's 1890!
@Brandon Lashmet I am pretty sure you are talking about 195 Bloss St based on the specs above (I looked at it too). My insurance quote came to $5100, which absolutely killed the cash flow (and my interest). The insurance premium is based on the square footage to rebuild the house today. Its a large house and the rebuild cost was estimated to be $896K.
I hope you can find a better rate, even if its not the same property. And as you can probably tell, I am also a Rochester investor, if you find something you want to partner on. I'm searching for 4-plex+ properties, but they are a rarity these days...