Considering a triplex

[Sam Leon]

There is a triplex I am considering to buy and hold.

This is the first time I am doing something more than a duplex.  Been mostly SFRs and duplexes but nothing bigger.

Do you evaluate based on comps or cap rate?  There isn't anything nearby that's similar.

One issue I have is currently the unit is already rented to three tenants.  Pets are allowed.  One lady in a 1/1 has 2 dogs and 1 cat.  On all my rentals I have a no pet policy and occasionally I will allow one cat.  How do you deal with this issue?

You are going to have to allow pets since the current leases allow it.  Then come renewal time you are going to have to allow pets too unless you want to kick the tenant out.  If you get new tenant and have a no pet policy then their neighbors have pets, that's not fair either.

How would you transition to a no pet residence?  Is it even possible?