Updated over 4 years ago on . Most recent reply
Seeking advice: Multifamily with lead paint
Hello BP community, I'm a newbie to REI and I've been looking into multifamily homes. I found a 4 unit property that is going for 205k and it's gross annual income is 40200 with operating costs at 1200. Right now, the monthly income from rent is $3450 for 3 units! It seems like a deal that's way too good to be true. The 4th unit though is not being rented out because there is lead paint, which seems like a big red flag. If there's one unit with lead paint, wouldn't that mean there may be lead paint in the other 3 units?
Family/friends have told us to stay clear and run away. Lead paint is a big fat no. But I'm still thinking that this is a deal worth pursuing. If we were to rent out the 4th unit as well, that could potentially be $4400 of income coming in a month!
Has anyone dealt with lead paint? Any advice at all would be greatly appreciated.