First Investment Property

[Ian Boyle]

Hello! I was seeing if anyone could give me some advice. I’m moving to Brevard County area in Florida soon and I’m trying to purchase my first investment property, actually first property ever. I’m in the military and am looking for a duplex, triplex or quadplex to live in one unit and rent out the rest. Here is my scenario: I found a quadplex that I like, about 370k, each unit already has tenants and each unit rents for about 750 each. 3 units are 2BR/1bath and one is 2br/2bath. I looked at the exterior the other day and it most likely is going to need a new roof soon, also the exterior could use a new paint job but nothing too terrible. If I do 15% down, me living in one unit would have me homestead the property and reduce the property tax, with the impending roof payment, how good or bad of a deal is this? One thing to also consider in this is the housing allowance received due to being in the military which is an extra income.If I left out any information you guys need to help me, please let me know. If I include the housing allowance my ROI is still very high and it just seems too good to be true. Please poke holes in this. Thank you for your time!