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Updated about 9 years ago on . Most recent reply
Multi-Unit
I am looking at Multi-Units (3+) that will give me a possible profit that I can live in and rent two. I am from Boston, MA and want take advantage of a 3.5% FHA loan. I found a unit that has a 1BR on the first floor (potential $1600/month), 2BR on the second floor (potential $2100/month), as well as another stand alone unit that has a renovated (2BD) standalone behind it that I want to live in (potential $2100/month).
All three units were renovated within the last 5 years (including appliances and roof) with hard wood, electric stainless steel appliances, and the cosmetic renovations needed for an old home done. It comes with a yard and looks right for an investor to live in the back unit (2BR) and rent the front two (1BR and 2BR).
The problem is, it has been "flipped" since July 2015 and they are going to make a large profit flipping it. It has been on the market being sold as three separate units and nobody has decided to buy for over 45 days. How can I figure out the right price to buy all three units and how do I figure out how to buy two stand alone homes within the same address? Is that possible?
The address is in East Boston, MA.