Multfamily Real Estate is NOT Profitable - But I Know it CAN Be

[Jason Reinhardt]

My wife and I have been saving for 14 years - hard - we own two SFH rentals outright and are trying to get our start into multifamily. It seems every property I throw into my calculator is not profitable on day one unless you raise rents $100 (or more) as soon as you take ownership. Here is an anecdote - a four-plex 5 minutes from my house is on the market for $360,000 and the net profit last year was slightly over $10,000. We are looking in Kentucky and southern Ohio for properties without much luck. We have a $200,000 down payment budget. Any suggestions for better markets?