First multi-unit

[Steve T.]

Hi all,

Just looking for some feedback. I am in Spokane, it's a small enough city that it can be tough to find opportunities. There is a fourplex that just went under contract for $120k, gross rents $1740. Apparently the buyer backed out at the last minute after the inspection.

1740/120,000 == 1.45% of purchase price in rents, that is as good as I have seen in Spokane. The place is old (built 1901) but all units are separately metered and apparently currently have tenants on month-to-month leases.

Assuming I get a look at this place and the inspection issues are cosmetic, what do you think? I could wait around until I die looking for a 4 unit building at 2% rent to price in Spokane. I could also really use some passive income because I have tax losses on a SFH that I can't take out of my regular income because of AGI limitations.

I really appreciate any help, thanks so much.

Steve