Fining Good Multi - Family Units in St. Louis

[Adam Stout]

Greetings, 

I am newer to bigger pockets but love the community. I joined about a month back and have been trying to consume as much knowledge as possible and make as many friends along the way as I could.  I am ready to purchase my first investment property and I live close to St. Louis and want to try to get a good deal on a 4 unit multi family.  Anyone else looking in this area at 4 unit properties that would be up for sharing any investment tips? 

Thanks, 

Adam 

[Max Householder]

@Adam Stout Another thing I meant to add on is to look closely at the layout of the unit. Many 1-bedroom units have a "shotgun" or walk-through layout where the bedroom is in the middle of the unit and the kitchen is in the back. It doesn't seem that strange when the unit is empty, but once you walk through a few of them that are occupied you'll realize you're walking through the tenant's bedroom to get to the bathroom or kitchen. I imagine this wasn't a big deal in the early 1900s because most workers only went home to sleep and eat. People today, especially millennials, want an open floorplan where they can entertain, have friends over, etc. The shotgun units tend to be cheaper to acquire, but you'll get lower rents on most of them and they're difficult to renovate into a layout that's more modern.

Also take note of the sqft per unit. I've been in some 1-bedroom units that are only 600-700 sqft and they feel like you're walking through a closet. At 750-850 sqft per unit, it feels so much bigger and you potentially have room to maneuver if you want to take out a wall to try and alter the floorplan to something more modern. Anyways, just a tip that doesn't always stand out right away.