Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Jimmy Turnbo
0
Votes |
3
Posts

Fourplex opportunity, worth it?

Jimmy Turnbo
Posted

Howdy! I have a chance to buy a fourplex in a good area in Bryan Texas. Purchase price would be 205k, recent comps of a couple of the same units on the same cul de sac are at 295k. The comps are renovated with new floors and granite counter tops. Unit I am looking at is in good shape, just outdated some. Has a new roof and hvac's seem to have some life in them. It would need exterior paint in the next year or so IMO. The comp fourplex is renting at 800 a month per unit. The fourplex I am looking at is rented for 700 a unit currently with leases in place. Two of the renters have been there for 5 years. I would be putting 20% down, and my payment would be around 1800 a month total with tax and insurance included in that number. Rent would be 2800 a month. I was not in the market for a rental at this time, but this deal fell in my lap. Property is not on the market, and would be purchased from a trusted friend that does not want to mess with listing it. I have owned rental properties, as well as flipped a few properties. My plan would be to buy and hold this property. I have never worked with multifamily deals, do these numbers sound attractive? Thanks for the help!

Loading replies...