630,500 for a 3 family with MASSIVE TWO floor 1st unit? NET $2400

[Orlando Goodon]

I just went to see what a nice 3 family looked like, then got blown away by few things:

-It's beautiful 

-First unit is probably 4-5 bedrooms and two FULL floors(has large finished basement)

-I thought the garage was another house! (2 car with large loft upstairs)

I'm thinking first unit is gold mine? 4-5 bedroom with 2 floors? $2900/mo? $3000? That leaves only $1000 more needed for mortgage and NO unit is less than $1800..By my math you talking a $6400/month gross property? Only it's empty, so you on the hook for $4100 for up to 3 months, seeking quality tenants. Which is fine, but I'd rather not.

So IS this really a net $2500 property?

The first unit is what I'm curious about. I could not find more than 3-4 rentals in the area (red flag?). Best I found was $2600 for a single floor 3 bedroom. So what could I get for something that is off the scale? To I price it as if I'm renting a full house then subtract some since you have units above you? I have never seen 2 full floors in one unit with 4-5 bedrooms. I do worry that it's TOO good. Does anybody that $3000/mo to spend on rent, want to rent and not own AND to live in a regular neighborhood? I mean, a large family with kids and two professional adults should be able to swing $1500 each and would LOVE putting kits in massive finished basement?

At minimum it's $2500/month but it's twice the size of a $2500 unit.

[John D.]

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