Advice about my first MFH investment?

[Kristin McPherson]

I'm considering purchasing (8) 2 bed/1 bath cottages in a rural setting on an 8-acre plot; 7 are occupied now.  My retired in-laws live 20 miles away and can serve as our property managers.  One of our goals is to leave the one empty unit vacant to occupy when we visit them.  We may even furnish & pop that one on AirBnB as a short-term rental (if anyone even ever travels to that area ~ it's pretty remote but has a gorgeous river up the road).

Asking price:  $450,000

Income:  currently $450 per unit with 7 units occupied

Expenses:  dumpster $130/month, prop tax $3800 annually, haven't gotten insurance quotes yet, she said there is a well house between every two units, and I'm not sure what expenses are associated with that if any, no rehab needed

I feel they are probably priced below market but haven't had time to do my research in that area yet. (There is no data on the BP rental estimate tool for that zip.) They have stable, long-term, HUD, 50+ year old tenants who all seem to get along nicely together, and I'm not crazy about upsetting the apple cart by coming in and upping the rent on them. (If I did though, would Section 8 just cover it without a hassle?) One of the tenants even volunteers to mow and do other maintenance projects for the owner, who lives out of state. Owner's father built the units in 2008 (they are adorable with knotty pine interiors) and lived on the property but died in July 2020, and she wants to offload them. It's a very rural area, and apparently they're all very neighborly with one another.

I do wish either the asking price were lower or the rent was a little higher.  Experienced investors' thoughts on that?  I've analyzed it several times, adjusting different numbers, and I think it's promising but not extraordinary without adjustments.  Am I missing something?  Is it too much?

My other big question/idea is this: I have an 18-year old son who graduated last May. He has since worked full time at the same place as my husband and banks nearly 100% of his income. I wondered if maybe we could partner with him on this deal by pitching in on the down payment and let him move up there near his grandparents and purchase this as his first primary/house hack. Hopefully he could quality for an FHA and/or amazing rate. Could we get by with that on an 8-unit MFP? I'm not sure he'll qualify for such a large purchase with his lack of work experience and credit, and he'd have to get a new job in the area and/or work remotely. Thoughts on that?

Absolutely any advice, red flag alerts, creative tips, other perspectives will be received and appreciated!