I am in the process buying my first multifamily and it will be FHA. The rent for the 3 units will be 4100. I will live in one of them for the firs year. Is this consider a good deal?!!
Price :500k Tax: 7400
Need more information.. What is the interest rate (should be good because FHA). What is your strategy to cash flow or gain equity? What market is it in? Does it need repairs? How much are you saving for Capital expenses? What are you using to estimate vacancy? Is it a good rental market? Are you charging too little or too much for rent? How long are the leases on the property currently?
@Mervet Taha The interest rate is 2.25% but I will pay PMI 330$. It's in Branford, CT. I am looking for cash flow for the short term and long term equity.
In order to find out if this is a good deal, you will need to do a comparative market analysis (CMA) on each of the three units with other units that are similar that have recently been sold. Are these units single family homes?