MFH investing in Dallas

[Landon Hendricks]

Currently I’m in the market for my first rental investment, and I finally got the confidence to contact the listing agent to set up an appointment to view the property. It seems I hit a snag finding a great realtor that would be willing to take on a newbie as a client. I have a bunch of questions to assist with making a more informed decision and thought where better to turn than the Bigger Pockets community.

I am looking for a MFH where I can live in one unit and rent the others. I have recently found an off market MFH in a class B neighborhood in Dallas, Texas. The rents will meet the 1% maybe even 2% rule, but the property is in some pretty bad shape and may need a significant amount of repair.

Here are the property numbers:

Asking price- 500K (but thinking overpriced for the market), Estimated Repairs- 70-100K, Taxes - 10K, Expected Rent - $5-6K,  Monthly P&I - $2000

Thank you for taking the opportunity to read this post. I appreciate all feedback and insight!