Updated over 10 years ago on . Most recent reply
looking for my first multi-family deal, is it worth it?
I still working on landing my first multi-family property. I have my eye on a particular property. My past experience has been live-in flips so I need some help here. Is this a deal?
Property is a 5 unit building and generates $480 per unit, $2400 monthly, $28800 annually.
Annual taxes: $2400
Annual insurance: $981
Owner pays water/sewer/trash (I don't have those figures yet)
Roof is new. Property is older but very well maintained
All units are occupied and vacancy rate is low.
Asking price is $155k.
Additionally, how do lenders determine what they will lend on rental properties? Thanks in advance.