First potential REI purchase

[Patrick Coffey]

Hey all,

So I wanted to run this by people on here to let me know what you all think. I currently live in the greater Boston area and as you can see from the attached link the property prices are quite steep.

With that being said the rents on the units still make it viable. This deal is for a four unit multi-family. Using a Mass-housing loan I have to put 5% down with no PMI, and this would be my first purchase. I am thinking about going in offering 619k with 10k credit for closing costs. The numbers are attached (as a house-hack with me continuing to pay the $875 units rent, which is a huge savings to my current rent), but what isn't included is an attic conversion to add another 2 bedrooms and a large living room to the smallest unit(the one currently paying $875, which is the one I will be occupying. The end goal would be to finish the attic and rent out the unit I will be occupying for around $2K per month.

The report also has me paying for water for the whole building, although the seller has told me the units are paying their own water bills (which doesn't make any sense since they aren't seperately metered, but we still haven't seen the leases or spoke with the property management company, fingers crossed). 

Please let me know any thoughts you might have, especially if you're familiar with the area. I can confidently say that this is one of the only decent deals in a forty mile radius. I know the deal isn't golden, but I think it has a lot of potential for future growth and good cash flow. 

Please let me know what you think.

Thanks for your time everyone

17 Tracey St. rental property calculator report