What am I missing? Multi Family Cash Flow

[Josh Engelhart]

I live in Columbus, OH and am looking at doing my first multi family deal. On my local MLS I see multiple 4 unit (2 bed 1 bath) properties at approximately $100k asking price that rent for $500+ per unit or $2,000+ total. I'm looking at conventional financing with 25% down and a $375 monthly mortgage payment. Taxes are $3,600 a year. Insurance will be about $1,000. Just under $760 PITI. They are all small sturdy brick ranch style buildings, mostly renovated and need maybe 10k max in additional renovations. They are separately metered for gas and electric and I would pay water. They are in C- neighborhoods. The point where I would stick it out for a year as an owner occupant to do FHA financing and take advantage of the minimal down payment, but my wife feels otherwise. They seem to sell within a week or two after hitting the market and I see a few listed right now most of which are already under contract.

It's very difficult to hit the 1% rule and find solid cash flow in and on the edge of suburbs with SFR's without finding some kind of off market/ foreclosed deal.

Should I be buying every single one of these or is there something I am overlooking?

[Adam Fansler]

@Josh Engelhart have you figured capex? How old is the roof, furnaces etc.

Vacancy?500mo tenants may have a higher turnover 

 Maintenance ? Lawn care, trash, pest control ..

Property management ?

Lots of factors that add up real quick 

Keep us posted on your progress