First Deal! Offer Accepted on Multifamily

[Sean Connolly]

Thought I would share the deal I have been pursuing. Offer was just accepted on a 3 Family property in Westport, MA. One building is a duplex with 2 Large 1Br/1Ba, along with a separate 3Br/1Ba on 1.4acres, with "3" Garages. One detached with electricity, one below the duplex, and one smaller garage used for a lawn mower. Both buildings have easily accessible, walkable attacks. Duplex has full unfinished basement. Both units have private porches as well. Single family has a screened in porch.

The sellers live in the 3 Family, and rent out the duplex. 1 for $750, the other for $550 ( Sellers Son ). The son is looking to buy his own house very soon.

My plan is to live in the 1Br and rent out the other 1Br and 3Br.

Average 1br apartment in westport is 750-800. 3br is 1300-1400.

I could most likely the higher for the 1Br due to the large size, basement, attack space, garage, porch, and yard.

My purchase price was 314,000

Going with FHA. 3.5% Down. Have not locked in Interest rate yet.

I think this is a good opportunity to have an owner/occupant investment property, especially in this town, because I am forced to live here for work.

Let me know what you guys think! I will try to provide more info. Thanks!