Have Multi-Family, Single Family - Planning next move!

[Jon Arteaga]

Hi All!

I purchased a two family home in 2017, renovated it, lived in the first floor and now its currently rented and cash flowing about 11%. Purchased a raised ranch and currently I think its too much house for me. Young single guy, a condo would be nice but another multi family would be even more ideal. I only need an apartment with 1 bedroom and an office space. I purchased the single family with the intension of living with roommates but the living situation is more hassle then I'd like. Also the single family house has a septic system and well rather then city water/sewer. These loom over my head as potentially very expensive repairs. I bought the single family house $50k under asking price and could sell the house now that we're entering prime listing time and i'd do for sale by owner to save on costs. This would sale would also help me to obtain the 100k roughly that i'd need for down payment, the average multi family is $400k in my area.

Three problems I currently have

- Multi's are scarce in my area (Danbury CT) , if they come up they're overpriced or sell very quick

- Lenders would most likely request 25% upfront, I can obtain this by selling the single family. 

- If the single family sells and theres no multi - i'd have to rent in the interim which could be a year or two (it took two years to find my first multi) 

Any advise from someone who went through a similar situation? Should I keep the single family, rent it with minimal cash flow ($600 a month/4%)?