Is this $630k Fourplex in Corvallis, OR worth it?

[Justin K.]

Hello! I am close to purchasing my first fourplex, and was hoping to get some thoughts on this property (near Oregon State University) that I put an offer on. I will be doing a walk through tomorrow afternoon. Here is a link to the Bigger Pockets Calculator Report: https://www.biggerpockets.com/...

What drew me to this is the fact that 1. Inventory is low and there are very few multi-families in the Portland/Vancouver area. 2. This was one of the few properties that could potentially cash flow while only putting 3.5% down on an FHA loan.

Questions I have:

-This building is older (built in 1900) - should this be a major point of concern?

-Which type of multifamily setup is preferable (Stacked vs Side-by-side)? This one is stacked (3 story fourplex) with a mixture of two 3br 1ba, a 2br 1ba, and a 1br 1ba.

-Is buying a multifamily on/near college campus generally a smart decision? I would imagine the tenant profile to be primarily students. My initial thought was this would be bad since there could be high turnover and more wear/tear on the property. But on the other hand, there will always be a steady demand for student housing.

Any feedback (even unrelated to my questions) would be much appreciated!

Thank you!