Multi family Property Analysis (Please help!)

[Noah Kellar]

Greetings!

I am super interesting in multi family properties. I don’t have any yet, but desperately want to get started. There is a quadplex on Zillow for $399,900. The property is an 8 bedroom, 4 bath, & 4 1/2 bath. Each unit has stairs to a second floor. Approx $98/sq ft & built in 1981. I haven’t spoken with the agent yet, but there are claims on the listing that the property sits at a 0% vacancy rate. Sounds attractive, but why aren’t other investors jumping on this? Is the price too high? Additionally, this brick building is right next to its duplicate (which is also for sale at the same price). Tenants pay all utilities & I would do lawn care myself. The property is in a great area & close to good schools. Listing site estimates roughly $1,700 in mortgage, insurance, & taxes with 20% down.

What are your initial thoughts? Call the seller for more info (rental price)? Also, how can this be financed since house hacking is out of the equation?

Thank you in advance!