House Hacking a 4-Unit Rental Property in the Heart of Atlanta, GA

[Arylle Young]

Hello everyone, I would love for you guys to jump in and analyze this deal with me!

Location: Center of Atlanta. Near the Mercedez Benz Stadium - Probably a C neighborhood

Property Details: 

4 Unit Fixer Upper 

All  units are 1BR/1BA with living room and kitchen

No HVAC

Brick exterior

Built in 1948

Asking Price: $292,000

Offer: $220,000

Rehab?: Absolutely! I'm estimating $50k to start with. (it may need to be completely gutted. Newbie eyes)

Rental Income Estimates:

With 3 - 12 month Leases, (~$900/mo) I would CF about $453/mo

However, I could airbnb 3 units and bring in ~$1,350 with 50% occupancy which would CF about $1,288/mo

Other considerations: 

My concern is that it really is a fixer upper and its in a C neighborhood. I believe the value would increase with it being so close to the Mercedes Bens Stadium but its not very close to anything else of interest.

With it being so old (1948) and really needs some work, I'm wondering if I should offer $150k so that I could use more of my cash to renovate the property.

I'll include a photo so you can see the exterior. If you have clarifying questions, Shoot! Otherwise, I'm open to all comments.

Thanks for your participation in advance!