Seeking advice: Really nervous about 1st multi-family property

[Tri Nguyen]

Hello. I just entered contract for my 1st multi family property (and 2nd investment property). It is in Berea, Ky. I don't know anything about Berea, Ky! In doing my research, however, it does seem like a nice charming college town. The property is a 4-plex built in 1978 in a B- neighborhood. It is a cash flow move and looks like will net $500 a month. Thoughts? Advise? What should I look for in the home inspection report. Thank you in advance. I am extremely nervous. It is out of my comfort zone.

[Philip Joseph]

One thing to consider if the property is near the university, is do you want to rent to college students.  If so, you can usually charge rates that match campus apartments, but you will need to furnish the apartment.  For example, my 2/1 would normally rent for $600 per month, but once furnished and fully converted, I rent each room for $2,200 per semester or $8,800 total for one year (not counting the summer months).  Normal rent is $5,400 for 9 months.  Now there some cons to this approach, but it's a cool option in a college town.