Four unit investment house

[Scot Amato]

Hello BP. I need some assistance. I am a flipper of single family property but recently purchased a four unit apartment house trying to add passive income. Total 8 plus bedrooms. The single family properties I purchased are in rural areas. The four unit is in a city. Much more difficult!

It is condemned and the city wants me to add pull stations and a sprinkler system in order to keep it a four unit. This is possible but I also need a 6 place parking lot.

I don't have access to parking because the neighbor will not share access to the back of my property via his driveway. I have offered to share maintenance etc but the answer is no.

My only option is convert it to a 2 unit or knock down and build new.

Property cost $36,000

Rehab $50000 for two unit rehab

Average asking of a 4 unit $180,000

Average asking of a 2 unit $150,000

Average sales comps of a single family $120,000 plus

Average rent $800 plus

What you think my next move should be?

Thanks!