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Updated over 1 year ago, 05/12/2023

User Stats

4
Posts
13
Votes
Jeanmary Prophete
  • Investor
  • DMV
13
Votes |
4
Posts

Best Cities for Multi-Family (1031--400k to put down!)

Jeanmary Prophete
  • Investor
  • DMV
Posted

I am a new BiggerPockets member and have been impressed with the incredible value that you all provide :)

I am from DC/MD/VA (DMV) area and have an FL single family property that is paid off, has a cash flow of $1300/month, and is currently valued at $450k. Last year, my tenants broke their lease early, and after a huge sum to get back on the market and rented again, Hurricane Ian has put it out of commission for the last six months. I am currently doing upgrades as I plan to use 1031 exchange into a Multi-Family (2-4 Units). I have looked at the market in my area and the multi-units are very pricey! Ideally, I would like to get something that's reasonably priced, can still cash flow, and appreciate over the long term. Which cities or States would you recommend to look into where this down payment would go far?

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