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Updated about 9 years ago,

Account Closed
  • Lisbon, CT
7
Votes |
8
Posts

I have a potential MF - what do you think?

Account Closed
  • Lisbon, CT
Posted

Hello BP family -

I have been trying to find my first MF and I believe I might have found it.  So, I welcome the community's input.

It is a three family in a class C neighborhood.  The building is older but well-maintained.  It is currently fully rented with three long term tenants bringing in $2700/month.

I am thinking of offering 125K and it will be an owner-occupying FHA so the monthly payment should be about $1200 (including taxes, insurance). I will also lose $900/month in rent from one of the tenants so my true rental income will be $1800.

So- from what I have learned here it does pass the 2% and 50% rules but I am sure that is not the whole story.

Also, the home will probably not take a large down payment so I should have enough left in savings to do a small conventional property in the spring.

Any thoughts?

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