First multi family deal under contract

[Jorge Guerra]

Hey BP family, hope everyone is well. After much research and putting in offers on multi family properties, we (wife and I) finally have a deal under contract, a 14 unit 1 bedroom complex. It's a fixer upper, but have it under contract for 200k. It's partially rented now, about 50% occupancy. Some units are already remodeled and some units are needing complete remodels. l ready have financing lined up with our bank. Using some homes we have free and clear as collateral, so will be a no money down deal for us. Loan will be up to 400k if needed for purchase and rehab. Amortized to 20 years @ 6.75% with a 5 yr call. Our background is in single family rentals, so this is the same kind of deals were used to doing just on a bigger scale. Property will be managed by my current property management company. Goal will be to renovate and do BRRRR and get it under a 30 yr loan, hopefully at a lower rate.

Working on our due diligence phase now, I already know we need to replace the roof, so going to get some bids on that. Property currently has evap coolers and wanted to upgrade to central air. Currently have 100amp service for each apartment, does anyone have experience with running mini splits? Will also pick hvac people's brain about adding a cooling coil to existing furnaces. Will see which is the most cost effective option. Each apartment is roughly 700ish sq ft.

Talking to an inspector that will inspect the entire property and do a termite check for around $1800. How does this price sound? Should i hire a plumbing company to send a camera down the main sewer line? Any other things that are recommended I get looked at during my due diligence?

Property is individually metered for gas and electric, and i would be paying water. What are some tips other multi family owners have done to conserve water in a property? Ive thought about water efficient toilets and aerator faucets and shower heads.

There is currently a very small room that could be used as a laundry room, 2 machines or 4 stacked tops. Do laundry really generate income? Or are they really not worth the trouble after the added expense of utilities?

Thinking about putting the property under an llc. How have owners of multi family gone about choosing a name for their apartments?

I apologize for the long post, just don't wanna miss anything. This is our first big property and super excited about it. Look forward to any tips and insights that I know I may have missed and not asked about multi family that the BP family may have to share. Thanks in advance!

Whereas I' thought about water efficient toilets, and aerator faucet and shower fittings, any input on these?