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Updated over 17 years ago, 04/29/2007
4 Plex Deal? your thoughts please
Hello everyone. I'm new to the forum and have enjoyed reading everyone's posts on the subject.
I'm wanting to get started getting my feet wet and REI and have about 40k in cash that I can spare to invest. Recently, I came across a brick 4 plex across the street from my restaurant that I own. Price $170,000. 4 - 2br 1ba units. Total rental income $450 per unit. $1800 per month.
All I know now is that the roof was just replaced less than 3yrs ago. I am very good and handy at repairing things and have an arsenal of people I can call to fix just about anything (electrician, plumber, HVAC, etc) because of being in the restaurant business, I have to deal with repairs nearly 1 time a week (at all hours).
Assuming that repairs are minor after inspecting it (less than a few thousand $). Does this sound like something that would be a good investment?? The area is good. Lower-Middle income hourly working people in a growing area with tons of new construction/business development around.
Thanks for any input.