Help analyze this potential buy... MF in WA State

[Luke Colton]

Hi All,

Long time lurker on BP and have gained alot from this site! Looking for anyone who wants to chime in and let me know what they think of this potential buy. Looking to make my first real estate purchase.

- Multifamily property in WA State, located just outside the Seattle area

- 2 houses located on the property, 4br/1ba and 2br/1ba 

- Both have new roofs and siding in recent years

- Both currently rented, $1650/month and $1200/month respectively

If I could get this property for around $400k, what do you guys think about that deal? This market has been red hot and really tough these past few years and it's been tough to get a foot in the door. I found this deal off market.

I would more than likely live in one of the units (most likely smaller one) at first for a little while, but then eventually plan on keeping the property for a long term rental. I'd most likely go for an FHA loan.

It seems like the rents are pretty close to market, maybe a touch below, and could be potentially raised a little bit. 

For you Northwest investors, do you think as a long term buy and hold this could be potentially a good deal at that price? Thanks for any insight, really appreciate it!