Multi family apartments

[Ben Chapman]

I currently own 3 sfr that are cash flow positive. I want to break into multi family apartment buildings. There is a 14 unit for sale in my area that is a complete rehab. It is currently unoccupied. The current rent in the area is $400 to $500. I'm trying to figure out if it's a good deal and worth doing. Is the cap rate individual to each property or the overall geographic area? The sales price is 300k. Any and all comments are appreciated. 

[Ben Chapman]

I did a quick search on Craigslist to see what the rent in that area currently is.

I'm familiar with Erie, I lived there for about a year and a half. My wife is from there and her family still lives in Waterford.