4 unit First time Buyer Advice

[Sean Byrd]

Please find below the details for a house hack via VA loan on a 4 unit in Waukesha. Please let me know what you all think.

Listing Price: 359,900

Offered/Agreed Price of: 359,000 w/ $9,900 Seller Credit

Down payment: Zero

Closing cost: $1,500 (EMD)

4 units - 2BD and 1BA - built in 1967

Current Leases until 3/31/2021

Unit 1 = $745.00

Unit 2 = $850.00

Unit 3 = 775.00

Unit 4 = 775.00

Total = 3,125.00

Rentometer - low $839-$941 High

Owner Occupied at $850.00

Income:	$2,551.00	$30,612.00
Mortgage Pay:	$1,450.67	$17,408.04
Vacancy (8%):	$204.08	$2,448.96
Management Fee (10%):	$234.69	$2,816.30
Property Tax:	$541.67	$6,500.00
Total Insurance:	$125.00	$1,500.00
Maintenance Cost:	$583.33	$7,000.00
Other Cost:	$166.67	$2,000.00
Cash Flow:	$-755.11	$-9,061.30
Net Operating Income (NOI):	$695.56	$8,346.74

Fully Occupied at $850

Income:	$3,401.00	$40,812.00
Mortgage Pay:	$1,450.67	$17,408.04
Vacancy (8%):	$272.08	$3,264.96
Management Fee (10%):	$312.89	$3,754.70
Property Tax:	$541.67	$6,500.00
Total Insurance:	$125.00	$1,500.00
Maintenance Cost:	$583.33	$7,000.00
Other Cost:	$166.67	$2,000.00
Cash Flow:	$-51.31	$-615.70
Net Operating Income (NOI):	$1,399.36	$16,792.34

This projects are on the higher side after slight work, I'm not sure how much needs to be done. My inspection is tomorrow and I will find out more after the inspection. I know there is not much cash flow but I just wanted something safe and secure in a nice area. I can cash flow positive if I place some work in the property and get $950.00 then I'm cash flowing $279.89 per month. I wanted to get a lower price after the inspection and see what I can get reduced after learning more in the inspection. VA loan no money down.

Please let me know your thoughts.