Newbie needing advice on multi unit property

[Ted Jackson]

I am new to real estate, been researching for quite some time, just looking to get my feet wet. I was actually in the process of putting mobile homes on my land to rent out, when I stumbled upon what might be a golden opportunity. There is an 8 unit rental property available in my area for around $140,000. It is actually 4 different brick buildings, 2 units apiece, built in the late 70s. One of the building has fire damage, and needs 42,000 to rehab. Once completed however, appraisal would be 242,000. 6 units are currently rented at an average of $500 monthly. I am new, and excited, so I wanted to know if it is a good deal, and what to watch for. Thanks for any help. Also the real estate agent I talked to said that they also mange property for 8% a month

[Paul Timmins]

@Ted Jackson

Anything stated by the broker get independent verification.

Find a contractor experienced with fire damage.

Anytime properties are bundled it is because 1 or more are not performing.

Go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask if they know anything coming up for sale.

Paul