How can multi-family homes work in oregon with higher pricing?
Hey Oregon locals! I have been watching multi-family homes for a while now in central Oregon, and the Willamette valley. Some are intriguing others to me are seemingly appalling. I am considering house-hacking a four-plex to get started in real estate investing, preferably in central Oregon, but using the 1% or especially the 2% rule it makes no sense to me. From what I understand many of these could work but it would mean putting in a large down payment, lowering my mortgage payment, thus producing small cash-flow or breaking even.
A few I've seen on the market a while; one is listed around $270k for a duplex, when I drive by to check it out, its in terrible shape- don't get me wrong, I would love to rehab a place but the numbers need to work right? This particular duplex had nothing good to say for it other than I believe a good location. I'm not sure I can go off of it but the county records value the land at $77k and total RMV of $140k. If I could purchase it low then Brrrring would make sense. I would like to be able to buy and hold while cash-flowing, for now I work a full time job, and struggle with building a strategy -finding the right opportunity- to get real estate investing started. I am ok with making mistakes, and want to learn from them, but believe that a deal needs to make sense, and what i'm seeing on the MLS isn't making sense as a good deal. Am I crazy in thinking this???
Merry Christmas Everyone!