1 Parcel of land 2 Proprties

[Skylar Neugebauer]

Hi everyone. I am a first time investor looking at using the FHA loan to buy a multifamily unit. I think I found a potential unit however this property comes with two houses on one parcel of land listed at 269k.

The main property is 2 BD, 1.5 BA with a mother-in-law suite attached to it. The mother in law is 1 BD and BA with a kitchen and washer and dryer hookups and its own separate entrance. The main property also has a unfinished basement but with the potential to turn it into a studio unit with a bath and shared washer and dryer with the main house. The entrance is also set up to the basement so it can be total separate leading into the laundry room.

The smaller property a one bed and bath with washer and dryer hookup also with its own electrical meter. Both properties share the same WSG however. Both properties also come with a detached garage.

Researching online, it looks like its difficult to get financing for a type of property like this, which could potentially drive the sales price down, right? Its already dropped some from 289k to 269k. However, its already set up to be a tri-plex potentially a 4 plex if the extra work was put into it. Total monthly rent for a triplex could bring in $2200, 4plex $2700. Barely making the 1% rule at its max potential at its current asking price of 269k. I could also try and spilt that parcel and sell the smaller house separate and keep the main unit as a duplex/triplex down the road to offset barely meeting the 1% rule. The current owner says you cant separate the two different house since they are on the same lot.

Does anybody have experience with something like this? If you would go after it what would be an appropriate offer, 245K? If I wanted to split the parcel of land could I sell the single bedroom home or would it be a hassle? Should I just look for a better investment property? 

Feel free to DM me if you have any advice or knowledge to go about this property if you need more info. 

Thanks Everyone

Sky