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Updated over 4 years ago,

User Stats

74
Posts
12
Votes
Manasseh Arnold
  • Rental Property Investor
  • Latham, NY
12
Votes |
74
Posts

Multifamily Analysis: Do these numbers work?

Manasseh Arnold
  • Rental Property Investor
  • Latham, NY
Posted

Below is a link to my property analysis.

https://www.biggerpockets.com/analysis/rentals/13c3232b-1d3d-4e5f-bda2-f6f86b0b8506

I am 25 and currently deployed, looking to purchase a multifamily by the end of the year, back home in upstate NY. I plan to house hack the property for a year and utilize a 0% money down VA home loan to purchase the property.

After a year i would like to have a property management company take over and move out so i can purchase another multifamily home to house hack.

I found this 3 family that's been on the market for some time. There is a large standing, in great condition barn that is on the property as well, and is used as a four car garage.

i feel that renovating the great looking barn into a 4th unit would be a great way to add value.

When accounting for the 4th unit the numbers really work and meet both the 1% rule and 50% rule. Before they didn't, maybe that's why it has been on the market awhile... idk but what do you guys think?

The analysis is done as if the property management company is running the property, i also added 2% in closing costs to the overall price of the property (~$4,500) because the VA loan should add the closing costs to the loan amount.


Any advice would be appreciated!

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