Updated about 1 month ago on . Most recent reply
6 Unit Analysis
6 unit, built late 80s, 2 br/1.5 bath each, single car garages, all utilities are separate
Location = PA
~$3600 total rent per month(~600ea)
$1250 taxes per month
$375 insurance per month
Property is fully rented, with rents under market, but long term tenants(all 5-20yr+). Rents could be raised 1-200+, but I am sure tenants would not be happy.
Overall the unit has not been updated since the late 80s, original dishwashers, toilets/tubs, gas furnaces/heat pumps(only 1 unit replaced in 2020s). The hot water tanks are various years, but mainly 5-10+ years old. Each unit has a deck with various patch work. Windows all single pane, garage door/entry are nothing great.
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At what price point does this building make sense?(Listed in 600k range) I personally would have to pay cash, as it would be highly unlikely I would get a commercial loan(I own no other multi units).