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Updated over 7 years ago on . Most recent reply
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8-unit multi-family property for 680K, good deal?
Hi all,
Just perusing online and stumbled on a 8-unit property. Is this a great deal? What's the best way to finance this? I probably won't qualify for a investment property 30-yr mortgage since I don't have 20-25% to put down. It's currently listed at 680K.
8 Unit (7 leased at 7.18% cap rate, up to 8.4% Cap as 1 unit is owner-occupied). The property is listed under the National Register of Historic Places-eligible for a Historic Property Tax Credit). Only by appointment, LA must accompanied. Priced to sell-below assessment
I'm trying to get more details from my agent but they added this bit on the listing:
- Multi-Family Features
- Vacancy Factor (%): 88.0
- # of 1 Bedroom Units: 6
- 1 Bedroom Rent: $850
- # of 2 Bedroom Units: 2
- 2 Bedroom Rent: $960
- Lease Terms Mixed, Month-to-Month Lease(s), Vacant, 6 Month Lease(s)
- Multi-Family Financial Information
- Gross Income: $82,200
- Monthly Gross Rent: $6,850
- Expenses: $19,000