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Updated over 10 years ago,
need guidance on my first multi family purchase.
Hello BP friends .
I have been reading about real estate for some time now and recently joined BP pro ( and I love this site.) So as my subject says I am looking at purchasing a large triplex, sq-ft 2362 w\lg 3 car garage (future plans for another apt on top of garage) with large back yard behind the garage with plans on dividing into 2 lots and selling to the neighbors to finance the apt above the garage.
So here are the details :
lot size 70X300, 2 stories, 1 building, 6 parking spots
on site laundry ,boiler system , gas stove ,dish washer & metal roof
lower unit 1: 2\1 800 rent (17 yr renters no plans to leave)
upper unit 2: 1\1 550 rent(14yr renters no plans to leave )
upper unit 3: 1\1450 rent + 240 yr for parking = 21,840
taxes 3465, ins. 1483,owner currently pay utilities 6,643 a year =11,591
and the purchase price is 129,900 with some wiggle room (city assessment says 122,880)
any & all advise is appreciated.
Thanks in advance.