4 unit Apt vs 4 SFHs?

[Bruce Woodruff]

Let's just say for S&G that you could get a nice 4 unit apartment building (2BR/1BA), for $1 mil. Let's also say that you could get 4 single family houses for the same price. (The houses will need a little bit of work, just cosmetic, and some might be MHs).

Assuming they rent for about the same $ per month, but expenses are a little more for the SFHs, which would you buy, and why?

[Luka Milicevic]

I'm going to assume they are in the exact same location. 

I would go SF in this case. 

I know I have heard 1000 times management is easier, it's cheaper to replace one roof over 4 roofs, etc etc. 

It has not been my experience investing in MF at all. My expense ratio on MF properties has been WAAAAY higher.

I have significantly more turn over and turn over is a killer when it comes to repairs and capex....and vacancy of course. My SF homes have long term tenants that never seem to leave and take really good care of the property. 

Overall, my personal experience has been SF homes have much lower expense ratios. 

I know you can argue this topic so many different ways, but that has been my personal experience.