First property starting with a 4Plex

[Michael Rodriguez]

Hi All! I've beem researching the Rochester NY amd Buffalo NY markets for approximately a year now while listemimg to the podcasts (up to number 97) and educating myself as i go. im 27 years old and intend to retire by 35 through multi unit buy and hold investing and im starting with this property. looking for any and all feedback here! House is in Rochester The data (monthly where relevant): Neighborhood rating- C+/B- Purchase Price- $97,000 (30 year fixed @ 4.15%) 5% down plus closing costs (4850 +roughly 5000= 9850) PMI- $130 Taxes- $250 Water- $41 Insurance- $197 capex (very conservative)- $250 property mgmt - $150 Rental Income- $2,650 now in terms of vacancy, previous owner (friend of mine) has an agreement with a rehabilitation facility in the area that provides rent for a year as part of their treatment program. They are short on apartments for placement so they can keep my apartments filled at all times. Additionally- the capex is extremely conservative. it actually only requires 150/ month by my calculations based on how new most things are (replaced 2 years ago) but i added some extra buffer to be safe. how does this rate in terms of the deal? thanks in advance! -Mike