8 Unit Townhome Building Analysis

[Mike St. Jean]

Hello all!

Im looking to get into multifamily investing whenever one comes along that seems to work. I'm looking for a little assistance in what to look for in a few deals. 

I happened to find an 8 unit for sale that is actually within walking distance of my house, I'm familiar with the area, I drive by this building every day, twice a day.

8 Units - Built in 2014

List price $1,185,000

4x 3 bedroom 2.5ba

4x 2 bedroom 2.5ba

Rents range from $950 to $1195. One unit is vacant.   "Guessing" 7385 current rental income.

11,392 sq ft

Taxes: $8,546

Owner currently pays water, although units are individually metered.

I'd partner with someone else on this who is also interested in multifamily and likely go for a commercial loan if I understand correctly with that many units. I'd likely use a property manager for the units (10%)

I don't have rent rolls or expenses yet but I think they are available. I just wanted to get a conversation going. I appreciate this community's feedback greatly. Open to any and all criticism and discussion!

Long term goal is continued acquisition of cash flowing multifamily units to achieve financial independence for my family. I understand this property alone will not accomplish that task. I currently own my primary residence and another SFR out of state which is leased with a property manager. That property has equity, although taxes just destroyed my cash flow until next lease renewal.

Again thanks for ANY help.

-Mike