i went to look at my first property

[Andrew M.]

so i went to look at the house today and i might have found a really amazing deal. but theres also some downside to it

the place is a 4 plex in a low income neighborhood

the street the units are on is really shady... and the houses need some serious painting, drywall touch up , clean up and junk removal. they look pretty junky but seem to be fully functional in terms of electricity hvac plumbing, and structure. the exception is that one unit is still on fused based electricity so it needs to be replaced.

that being said i see some really good things in this property.

1) out of the four units 3 have been rented out for 5 or more years. and apparently is usaully easy to find tennants in the area

2) one of the tenants is a career construction worker who said he would be interested in working with me to fix the place up ... maybe on some type of reduced rent agreement

3) this same tennant suggested that the seller is much more motivated then he seems and said he really thinks the guy would take 10,000 less than his 65000 offer

4) even in its current condition this place seems like it will cashflow pretty easily

i think this property could be an amazing oppertunity but it will also be alot of work... especially for my first property. in some ways the idea of my first property being a fixer upper really scares me

so now i have some more questions-

1) whats an average inspection price ( assumer 4 2/1 units )

2) whats an average inspection cost

3) any advice