Howdy @Mike Robinson
Overall it looks good to me. I would put in an offer. Your Vacancy Reserves Amount is lower than I like to maintain. I always use 8.34% (one month rent). Why is unit 4 so much lower than the others?
@John Leavelle Thanks for the reply John. The lower unit is a studio but we can get some rent bumps throughout. The challenge for me is the down payment of 101k as I have only 20k to throw at this. Do you know anyone who might like to partner up to bring the rest of the down? I would love to rehab the individual units as they become available and there is a basement that could potentially be a 5th unit.
Sorry, I know of anyone to partner with. If you plan on Rehabbing the units you need to figure that into your analysis. If they are not up to market standards you may be able to use that to justify reducing the offer price. I would not convert basement into a 5th Bedroom unless it adds a significant increase to income. It would change the property from Residential to Commercial. That could effect the tax status, zoning, and it would change any future financing. You could make it a laundry area and provide coin operated machines (more income).
You might check into Owner Financing depending on how motivated they are and if there is a substantial existing mortgage. Might be able to have a much lower down payment. It's all negotiable.