First deal - fourplex

[Edward Barnes]

Thanks in advance. I think the numbers work on this deal, just want feedback. It's a foreclosed 4plex.

Asking: $97,000 (110 Days on Market)
3200 sq ft
9 BR/5 BA, I'm guessing 3 - 2/1, and 1 - 3/2 (really small rooms...?)
$700/unit per mo (being conservative)
circa 1912
no central AC, has baseboard heat, wood siding
looks like stoves and fridges convey
taxes are only $800/yr

[Steve Babiak]

Baseboard heat can be electric (each unit pays their own electricity, I assume), or central boiler radiators (the landlord pays heat - OUCH), or individual separate boilers with radiators (each unit pays their own hopefully). Who pays the heat and any other utilities is a big deal for multi-unit housing. So get this info into your analysis.

"looks like stoves and fridges convey" - better be sure; these could belong to any existing tenants, not the landlord.

You need to be definite about the unit make-up (2/1 vs 3/2 or whatever) and how much the real market rent is for each unit type. Those numbers are fundamental to the income analysis.