New Investor - Looking to buy a Duplex or Triplex

[Nick Murray]

After watching last nights webinar I decided multifamily housing would be my niche. Once I finished the webinar I went right to Realtor and found a TriPlex near me with 8 Bedrooms and 3 baths for $160k similar price to the example that was showcased. The monthly cashflow using Biggerpockets tool is $1,831.47 with a 62.79% cash on cash ROI. The house has also been listed for 250+ days meaning I could probably offer a decent amount less.

Since I'm new this really doesn't mean much to me (i dont know what im doing) and I'm not sure if I estimated everything right because this seems like a too good to be true deal, especially since it was the first house I clicked on haha.

How would I be sure to get more accurate numbers and make sure I'm calculating all this correctly? Rent prices, Repairs, etc. Or is this mostly just a rough estimate to see if you should look into it further?   I know actually going to the property and looking at it is probably the best choice since the pictures don't really show much of the inside condition, but I wouldn't know what I'm actually looking for.

[Eli Rollins]

Hello! I'm just starting in real estate as well and I found that I would be in a very similar situation you're in right now with finding a deal that just seems too good to be true. I suggest being as conservative as possible with all of the utilities, rent, rehab costs, and all of that (within reason of course) And I think  physically observing the property is a very good Idea. I would also suggest showing it to other, more experienced people and asking them what they think about it. Again, I'm just starting out as well so my advice probably isn't the be all and end all to your problem. By the way, good job in taking initiative!