I really would like to say a duplex I would never be interested in I don't know why just is not worth my effort.A 4 plex is basically a super start It probably still shares 1 boiler, 1 water heater and has 1 parking lot, 1 roof and 1 property tax cost and 1 insurance cost.. you split it by 4 and cost per unit is relatively manageable. and updates are easier to maneuver you pick and choose as someone moves out, Whats the cost per door.

I'm not sure of the exact building phase it is in... but foundation, structure, roof are all in place.

The house has roof damage which is protected for now but needs a new roof. the garage has visible 2.5 foot water marks on the walls from flooding.

New roof.

@Nick CiarnielloYou need to collect far more information before you would know whether you have a deal worth pursuing:who are the clientele;how does the rent role compare with the local neighbourhood;what is the economic vacancy (physical vacancy + turnover + uncollected rent + evictions);what are the operating costs;what is the physical state of the assets (roofs, HVAC, envelope, appliances, parking, etc) and how much near term re-investment is required or likely;what is your target rate of return.You want to obtain real numbers (not rose-coloured prospectus projections) for the past 2-3 years and use them to carry out your own discounted cash flow analysis of the property.Also keep in mind that properties freshly on MLS - particularly during the hopefulness of spring - are rarely priced appropriately to be a deal.  

Ask for a reserve study from the HOA to see the expected remaining life of some of the larger cap ex items, such as roof, parking lots, central heating/cooling systems, or hot water heater systems if applicable to that complex. 

The seller's SOW didn't contemplate a new roof, an out-of-use pool in the backyard that neighbors had been using for burning trash and needed to be filled, exposed and out of code electrical, and a basement that had been dug up by the previous owner.

(e.g. nest thermostats, spray foam insulation, or one of Tesla's solar roof systems )  but adding some very basic products that this property was lacking. ( I think a lot of mom & pop C & D properties are in the same There was zero insulation in the attic ( Added R-38)Old Single Strength Wood Windows ( Replaced with low-e replacement windows)HVAC 12 Year Old 10 SEER ( Replaced w/ new 14 SEER HVAC)12- 14 year old appliances ( Adding Energy Efficient Appliances )Definitely the basics, but just making those improvements has definitely directly or indirectly (depends on how you look at it) impacted the NOI and the overall tenant experience.

Rent probably higher on a SFH but your expenses will also be higher per unit which makes it a wash or worse investing in a SFH.Over all numbers are always better with more units under a single roof.

Ryan S.We are putting on a new roof on our 3plex this week.