Three Family in Kingston NY
I'm looking at a three family in Kingston, NY. Filled with tenants on month to month agreements. The owner recently passed away and his kids are unloading this and a few other properties.
Asking: $145,000
Monthly income: $2,335 (1br is $685, 2br is $800, 3br is $850)
I could probably bring those up slightly, but wouldn't want to if they were good tenants.
New roof put on 3 years ago. Haven't done any further inspection yet. Neighborhood is decent.
I'm putting the cash ROI with 30% down at 5K in immediate improvements at about 20%. Total ROI at about 23%. Monthly cash flow per door is $279.
This would be my first deal. Any thoughts?