My wife and I are looking at our first multifamily investment in Western Connecticut and would appreciate some experienced investors’ opinions.

Here are the numbers:

● Purchase price: $400,000 for three units.

● Layout: Each apartment is a 2-bed, 1-bath with a balcony.

● Projected rent after renovation: $1,900–$2,000 per unit, or $5,700–$6,000/month total.

● Renovation budget: $30,000, including a new roof.

● Financing: Business loan with 20% down ($80,000), 8.625% interest and no prepayment penalty.

● Estimated monthly payment: $3,189, including taxes and insurance.

There’s also an unfinished, street-level basement of approximately 750 square feet zoned for commercial use. We’re treating that as potential future income and aren’t including it in our rental projections.

Some past credit issues have limited our financing options. We’ve spent over two months working through different programs and jumping through hoops to get here.

Would you move forward with these numbers, or walk away and focus on improving credit before buying? What expenses or risks would you look hardest at? We’d appreciate honest feedback before committing.