Is this a good deal? Multifamily in upstate NY

[Jordan Moser]

Hey guys,

I'm analyzing a property in Beacon, NY (about 1.5 hours outside NYC on the Hudson River) and not sure if it's a good deal. It's for sale by owner, no realtors involved. I'm a first time homebuyer and plan to do FHA. I'm a little weary about doing this without a realtor, can anyone comment on that?

Price is a bit steep ($425k) but looks like it has cash flow potential. 

"Brick Three Family. 1890. Three units separately metered. Major renovations including wood floors, granite counters, etc. No violations. Taxes $6,300 in 2015. Rental income $1,450 + $1,700 + $1,100. Strong ROI. Master unit vacant. Off street parking. Big yard. Nice neighbors."

Any thoughts or advice is appreciated, thanks!

[Rich Baer]

@Jordan Moser

       Jordan,

          If you are planning to live in it and rent the other units it seems fine. Otherwise, I would not do it. Price is too high. Taxes, insurance, maintenance on old home would also eat into returns. Is it lead free? I think you would struggle with this. The lack of a Realtor is not an issue. See if you can get the price down.

       Rich Baer, Esq.