4 unit multi family
Ok I want to get some opinions on how bad this deal is.
This is about a 1 hour drive to San Francisco-
So rents are below market but that doesn't mean we can raise them anytime soon. ---
If I moved into one of the two bedroom units-
Including listed expenses it seems that it isn't cash flowing well. Any thoughts?
Asking price is $550K
Ideal for owner-users who can live in 1 unit and earn income from the other 3. Property has significant upside in rents - all rents have significant room for increases. Rents have been kept low because owner is long-distance manager. Attractive unit mix. No major maintenance or capital expenses required.
Selling because wife retired 1.5 years ago, husband is going to retire in the summer. Live in El Sobrante and are selling the property to enjoy retired life.
Community park is right across the street. Close to schools, shopping, shopping centers, and downtown areas.
* Buyer agents will receive 2.5% commission
Building built in 1966. 3,328 sq ft. Lot is 6,018 sq ft.
(A) 3bed/1bath - $1100
(B) 1bed/1bath - $800
(C) 2bed/1bath - $900 - section 8 tenant.
(D) 2bed/1bath - $850
Expenses:
Maintenance - $2,000
Taxes - $5,000
Insurance - $1,125
Utilities - $5,415 (water, garbage)
Tenants pay own PGE