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Multifamily in Richmond, CA
I'm a fairly new investor looking at multifamily in or near Richmond, CA.
I find a number of properties like this one: https://www.redfin.com/CA/Richmond/4519-Taft-Ave-9...
It's listed at $783K. Three units vacant. That's $2500, $2000 and $1500 market rents. = $6000. With 25% down, mortgage is $2750.
That seems to pass a sniff test for cashflow. It's not that easy -- what am I missing?