Need help analyzing - I'm too emotionally involved

[Aaron Rowzee]

Alright guys, here goes. First big deal and it's a quad Plex with 30 storage units.

2x 2/1 units - $900/mo

2x 1/1 units - $700/mo

2016 gross/net - $32,800/$18,335

2017 gross/net - $30,100/$14,677

Storage units vary in price but total revenue was:

2016 - $10,873

2017 - $9,177

Asking price is $350,000 and cap appears to be 11+%. Buyer is very honest with expenses, as far as I can tell, and has just renovated the two bottom units.

Also, I'd like to know based on y'all's experience and wisdom, would it be better to live in one unit for 1yr and finance as FHA, or stick with commercial lending with a 15yr 5.5% app amortized to 25 yrs?

[Thomas S.]

Based on income it is priced too high to be a very exciting investment. You need to get the price below 300K to be close to interesting.