Hmm, what do u think?

[Chris Wood]

I have found a multifamily unit that potentially meets the 2% rule at first glance (still waiting on financials).  Is there such a thing as a unit that is to rural for multifamily housing? I am little worried about getting renters. The landlord has currently been renting to more than 1 tenant for the long term (like 14 years), but that being said he doesn't run it like a business and sounds very relaxed to a fault. Which means I could loose all tenants as soon as I buy it and try to be more diligent about running it properly (if no contracts are in place, not sure of this but judging from information that I was told). 

Details that I know:

Asking price: 215k

10 unit

100% occupied, tenants are paying like about 440 ea/mo

Landlord pays for all of the untilities (not sure on these numbers yet)

It is an all brick building, and listing agent said she got a quote for 30k to have each unit switched over to have their own electric meter. This building was originally a nursing home and was converted over to a multifamily.