Quadruplex with rent control hidden costs?

[Wesley Hu]

Hi all,

I am in the process of purchasing a quadruplex for the supposed high rental income, but I would like to know if there are any costs I should be worried about especially since it is under rent control. The units are quite dirty and the area itself is not as prime as the surrounding neighborhoods. It is renting way below market value at the moment (by up to $30,000 a year). Does anyone else have experience with this?

Thank you all!