First time multi family purchase. What documents should I ask for

[David Worst]

I'm interested in a 4-plex property that is listed on the MLS in my town. Before I contact the agent to schedule an appointment to view the units, what documents should I ask to see? I was thinking that I should at least see the lease agreements for all four tenants as well as a 12 month income and expense report. Is there anything else you all suggest?

[David Krulac]

@David Worst

1.  List of what comes with the building like appliances, personal property, etc.

2.  List of what is excluded from the sale.

3.  Applications and credit reports for all existing tenants.

4.  Any pending litigation or evictions?

5. Survey

6. Environmental issues

7.  Underground storage tanks

8. Wetlands

9. Flood zone

10.  Historic zoning

11.  Permitted uses in that zone

12.  Non-conforming  (like is it a multi family in a single family zone, could impact getting a mortgage or rebuilding after devastating loss like fire, flood, hurricane, etc.)

13. Setbacks, front rear and side and any violations

14.  Off street parking requirements

15.  Public water and sewer?

16.  Who pays utilities?

17.  What is heat source?

18.  Well and Septic?

19.  Age of buildings?

20.  Updates to building since built

21.  Age of roof

22.  Type of roof, flat, pitched, roofing material

23.  Age of mechanicals, heating, plumbing, electric

24.  Central Air?

25.  Zoning violations past and present

26.  How long has owner owned the property?   Recently sold a property that over the last 70 years only had 2 owners, I considered that a positive sign that this was a good property that people wanted to keep for a long time.  on the other hand a property that has had 5 owners in the last 10 years may indicate a problem property.

27.  Why is the owner selling?