4-Plex Should I fix and flip or Refi and Rent?

[Christopher Lessing]

Hello, 

I am looking at a 4-unit property and would like to know the thought of some seasoned vets out there. I am between fix/flip or BRRR and I am not sure if I should make a decision now or leave my options open as the rehab process goes along and decide when it is finished.

(1) 2-story building

4 units - each about 1200 sqft 3/2 no garage

0.820 acres

ARV ~$625,000

List Price $450,000 - may have some wiggle room here

Rehab $80,000

Total cost $500-530k

Comps are listed for $625k - 675k

I am kicking around the idea of adding another 4 units to the property for a total of 8 units because there is plenty of space available if i mirror the existing building layout. This would definitely change the ARV and cost of the project.

Would a property like this be feasible as a flip? Are there still investors out there looking for a turn-key rental property? 

I get the feeling that something like this would be best to hold on to for a few years if I can do a cash-out refinance when the rehab is done and it is rented out. If I did BRRRR this, I could roll into another property relatively quickly If I were able to recoup my cash and pay off investors.

Please let me know what you think!

[Mitchell Benson]

If it cash flows, keep it. I always hear about investors saying " i wish I would have kept everything I bought "