Property Analysis in East Vancouver, WA

[Eric Kluth]

I'm looking at a fourplex in Vancouver. They are asking $580,000. Gross monthly rents are $4,175. Property is in good shape, and it's in a desirable neighborhood. My goal is to invest in positive cash flowing properties. I will be house hacking this with a FHA loan @ 3.5% down. I have $30k in cash, so I can't put much down. I am using a modified 50% rule to quickly analyze deals as properties in the Portland Metro area don't seem to apply to the 50% rule, so I adjusted it to 35%-40%. So at 35% is barely cash flows, less than $200. Looking for some input from some other investors on whether I should pass and look for better deal. It would be more enticing if it were closer to $400. Thank you.