Multifamily Rental Properties - Criteria

[Stephen Heine]

Hi everyone!

I'm a real estate agent with experience mostly in the residential sections (friends & family).  I've spent 5+ years now between being an agent part time and working for a top financial institution in the mortgage lending department.  I have a plethora of experience in understanding real estate and how it works - and am looking for help identifying my path to investing in multifamily homes.

I am in the Northern Virginia area which is a tad outside my price range (I'm looking to put down about $30,000) and am willing to move a bit out.  Most of the surrounding cities around me are rural which I'm a lot less familiar with (in comparison to hustle & bustle of NOVA).

I understand the financing, and the financial aspects of the game pretty well.

But any help on criteria to identify in multifamily, and how to go about finding deals?

So far I have:

-NOI $200/door

-4 Unit Minimum ($800 NOI monthly)

-$150,000 max purchase price

-20% below value

-20% down

How much weight does everyone place on the school districts surrounding your investments?  What about historical appreciation rates?