4 plex purchase advice

[Joe Doucette]

Hello BP community! This is my first time posting so I apologize if I leave anything out. I have only owned 2 single family income homes. I have never bought a 4-plex so I am really feeling out of my element. Also, I am in Canada. So some of the requirements will be different than USA. I will try to give as much detail as possible. I will be managing this property myself. I have noticed the net cap rate is usually lower on multiplexes vs single family homes when I run the numbers. So I am also looking for your perspective regarding this as seen below (question #2). Thanks!

Could the community please give me advise about:

1. Is this a good deal? 

2. If you own multiplexes, Do you prefer them? And why? 

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4 plex fully rented (I will not be living in it)

listed for 229k

20% down payment = $45,800

Gross rental income $33,120/year

Down Payment from LOC at 6.01% on $45,800 = $2,793.84/year

Oil expense $6,800/year

Electricity Expense $1,500/year

Water expense $1,216/year

Land tax $3,183/year

Mortgage payment $9,300/year 

Mortgage details: I can buy this as a retail mortgage in Canada at 1.94% for a 25 year amortization because it is 4 units or less. 

Total yearly expenses = $24,792.84

Gross rental income $33,120 - $24,792.84 = $8,327.16/year or 693/month.

net ROI: 693 net rent per month x 12 = 8,316/45,800 = 0.18

Time to get invested LOC loan money back out = $45,800/693 = 66.08 months/12 = 5.5 years

For comparison, I just purchased a single family income house for 61k, rented for 1000 plus all utilities and it clears 350/month. Years to get invested money out of this house is about 3.3 years. 

Thanks!