Evaluating a 9 unit apartment building

[Michael Bracewell]

Good evening everyone, 

I hope everyone is having a great holiday season. When it comes to economies of scale I have always been interested in the multi family space of real estate, but like most I have only had experience in single family residence/ investment properties space.  My goal for 2022 was going to be to buy four units in some shape or fashion maybe small multi family and single family residence with one property being designed to pay off in 15 years for my daughter to pay for college or start a business etc. I recently just came across a 9 unit apartment building that customers of mine in the pest control building are looking to sell. I believe they own it free and clear and are looking to sell to move to the beach for retirement. 

My question is, how should I go about evaluating and underwriting the deal? As well as questions to ask to make sure I am making the best decision possible or stick with my current plan to by smaller multi family 2-4 units now and then scaling to 9 plus in future years?

Any advice is greatly appreciated and again Happy Holidays!