Diving into 15 unit complex from SFH rentals

[Melanie Siegel]

I’ve only ever owned a few newer single family home rentals in master planned communities that were low maintenance and easy to rent. I’ve now found a 15 unit complex in my neighborhood that I love. I’ve read enough posts and blogs to feel fairly familiar with acquiring a loan, and feel confident in managing the property. My question is, do I evaluate the deal the same way I would a single family home rental? What are some of the big differences? The unit generates 140,000/year in rental income, but is listed at 1.8 million. The unit is over 50 years old and I’m planning on having quite a bit more maintenance than I’m used to and having to do quite a bit of remodeling while i have vacancies, as there is good potential for increasing rents. Thanks for tips and advice!

[David Walkotten]

What is the income potential? Current rents are supporting maybe 1.25M PP