First Property - HELP

[Darshan Patel]

Hello members! 

A friend and I are looking to get into the multi family unit for our first purchase, neither one of us have experience but over the past few years we have done a lot of research on pricing, and what is the best return for the amount of money we have on hand. 

List Price: 135,000

3 family, 11 beds, 3 baths

Tax: ~5500

Location: Schenectady, NY

Condition : 8/10

The clientele is more low income and it is in a crime raided city but seems to have consistent turnover. 

What we want to know for knowledge is what we should look at as we will be first time home owners, we will not be living there, but the 3 units are currently occupied, we do not have the rent roll for the property yet but will be receiving it soon. Thank you in advance for any help or mentoring that is given to this post. 

[Darshan Patel]

Originally posted by @David Espinosa:

Look into who pays what utilities. If you pay utilities you have to factor that in for sure makes a big difference. Also I would suggest using an estoppel, it will help in the future if say for instance the tenant claims the last owner required a double deposit because of his bad credit. You can get one for free from this site just go to the files section. Also factor for lawn or snow removal since its a triplex I doubt you will be able to put that on tenants. Hope this helps.

David Espinosa

Thank you for the help! The tenants do pay the utilities, and there is not much grass, but there is a driveway and I would have to worry about that instead of the tenants doing so.