Analyzing Costs of an Income Property

[Austin Elmore]

I'm currently a college student and in October my father passed away leaving me as the only heir to his will. As a result I came into a somewhat large sum of money, a business, and a steady/reliable monthly income. I want to buy a quadplex using a 3.5% down FHA loan in my college town and live there while renting the other 3 units out. That's about as far as I've gotten. I have no clue how to analyze my potential ROI/monthly cashflow as well as accounting for costs such as utilities, vacancies, maintenance, etc.

Like I said earlier in this post, I plan on living in one of the units so I think self-managing the property is a good way to get my feet wet. If anybody could give my some insight on approximating my costs. 

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Following is some info on the property:

Price-- $279,900 (Negotiable)

8 BR 6 BA divided by 4 units

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If any additional information would be beneficial I can provide it, just ask.