First deal and 203k questions.

[Josh Anderson]

Dear BP!

So after reading, and watching, and more reading. A deal I think fell in my lap. 

The quick and dirty.

6 units, each is a 2-1, street parking in a up and coming area. Rent goes for 750-800 in the heart of Birmingham. And called a few other multi-unit in the area on prices. HUD pays that or close to that so my income amount should be pretty sure.

Taxes are 1200 a year, needs around 80k in rehab which IF i were to do it I could cut it down to 60ish.

Owner wants 20k a unit and is after we hit off to well, is willing to carry a 100k note with 20kish down.

All the units have their own meters and such, so no items on the monthly besides the insurance and vacancy.

Questions, thoughts. I kinda have the "I've been chosen" feelings very excited. And after running the numbers and even after a 50% cut it comes out great. However, would it make a 203k loan. As I said very new and hoping for insight. 

Thanks in advance.

[Paul Welden]

You could convert the 6-units to a 4-unit property and it could qualify for FHA 203k Loan.