4-plex that comes with a lot of work..Should I purchase?

[Kim Temple]

Hello All,

    I am a want to be real estate investor, and I am in the middle of purchasing my second investment property, a 4-plex in Austin, TX. It needs a ton of work and I am trying not to get scared off. The fourplex will need about 150k in repairs sometime in the next next 1-5 years.  The foundation is solid but everything else will need to be replaced at some point. I will have to spend 20k right off the bat to fix certain things. It is fully rented out and once I can update them a little, I should be able to get about $1050 a month for each unit (2/1s). It is a great neighborhood close to big shopping and plenty of tech jobs. This little 4-plex pocket is in transition that is starting to attract a different type of tenant. The main goal is have cash flow for retirement in 30 years once paid off.

       The reasons above are the reasons I want this 4-plex. I know that down the road it will have a big return but it will require a lot of work. I will be inheriting 4 tenants which makes me a little nervous too.

    I feel that this may be the only opportunity I will have to buy a 4-plex in Austin. It is the least expensive one on the market (out of like 5). What do you think? Will it be worth it in the end? What is like to acquire tenants? 

Thanks!

Kim