Getting back into the business
My husband and I currently own 3 properties in Chicago with a total of 5 units not including our primary residence. We stopped investing over 12 years ago but recently thought about getting back into the business on a long term basis. We have been able to hold on to the property but really need a solid game plan on set up and strategy for sustainable growth so we can get out of corporate and do this full time. We are looking at buying a 6 unit in a C class neighborhood. Two basement apartments also so makes 8 units. Fully rehabbed but needs just cosmetic on the surface. 3 car garage and tenants pay own utilities. Owner selling for 300k and units rent for 750 2br and 850 3br and basement units 600. We used calculator on BP. Shows a monthly profit of about 2000.00 with an ROI in year 1 at 33%. What am I missing? Is this deal as good as it seems. Research in neighborhood shows utilities are paid by bigger establishments. There are a lot of bigger complexes in the neighborhood. Sec 8 and neighborhood is definitely problematic at best but my husband is great with tenants and communication is key. What else do we need to do to fully vet this property. We made an offer and will be completing a walk thru this weekend. Thank you for your time.