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Updated over 3 years ago,
14 unit in rural Georgia
This will be my first multifamily and looking for some advice/guidance. Would you purchase a 14 unit consisting of 7 duplex's in rural Georgia?
The numbers look great so far. Asking price is $320k and units are rented for $500+/- with only 1 vacant at the moment. Tenants pay electric and owner pays water and garbage at about $900 per month. The condition of the units are decent. Could use updates but not needed.
My concern is that it's about an hour away from a major city (Columbus, GA). Population growth shows a slight decline since 2010 and the crime rate is below the national average. The city currently has about 850 total residents.
Another concern is finding a good property manager.
Lastly, how you recommend financing this? What type of lender should I look for?
Thank you in advance.