First purchase: buy and live in 4 Plex?

[Thomas Bailey]

First Investment: 4 plex financed as a primary residence?

Hello,

I've always wanted to buy real estate and give it a try.  I've been looking at RE for 6 years now (doh! Should have bought then).

[https://homes.ksl.com/listing/40441038](https://homes.ksl.com/listing/40441038)

This is a for sale by owner, 4 plex (2 bed, 1 bath) in a nice city (Farmington Utah, lots of nice mormons).  I would consider this to be in a great/safe location. Most 4 plex's I see in utah are in sketchy areas. Not this one. Nearby other houses, not multi units.

unit 1: $940 (1 year lease)

unit 2: $940 (6 month lease)

unit 3: $890 (mtm)

unit 4: $750 (mtm).

total: $3520.

Using a redfin calculator: $710k @ 5% is $3550 a month.  At 20% down, $2,696.

Curious what your thoughts are on this property as a first rental.  In this market, I'll probably never get a "killer" deal, but I do want to start getting involved.

Searching for nearby rent prices: I see a basement apartment going for $1045 (same sq. ft @ 900, built in 60s) in Bountiful. I'd say both are good cities/locations../

[https://www.rentler.com/places-for-rent/ut/bountiful/816-w-4100-s/5723114](https://www.rentler.com/places-for-rent/ut/bountiful/816-w-4100-s/5723114)

Duplex unit going for $950 in clearfield.  Clearfield isn't the best area.

[https://www.rentler.com/places-for-rent/ut/clearfield/810-w-300-n/4774261](https://www.rentler.com/places-for-rent/ut/clearfield/810-w-300-n/4774261)

$1k in clearfield as well.

[https://www.rentler.com/places-for-rent/ut/clearfield/17-s-1450-w/5925964](https://www.rentler.com/places-for-rent/ut/clearfield/17-s-1450-w/5925964)

$1.2k in clearfield. It looks recently remodeled.

[https://www.rentler.com/places-for-rent/ut/clearfield/31-w-1600-n/4991398](https://www.rentler.com/places-for-rent/ut/clearfield/31-w-1600-n/4991398)

I feel like the units could go for $1100-$1200.  I might be a tad optimistic... 3 of 4 units are remodeled in the last 3 years.

Not the best deal in the world... But a good enough one for me to swing?

If you threw an offer at this house, what would you do?

Any tips of advice is appreciated.

Would you do 5% or 20% for your first 4 plex? I have the cash to do either...?