Please help analyze my first Multi-family Deal in Fort Worth Texas

[Benjamin Christensen]

Hey everyone out there with experience investing in real estate. I am looking to purchase my first Multi family home in Fort Worth Texas. It is a 4 unit complex rented out for $450 a month, fully rented through april. The units have been recently renovated and will need minimal repair. It is not in the nicest part of town, but far from the Ghetto.

I did some research and many places in the area are renting for $550 to $600. Each unit is a 2 bed 1 bath with separate electrical, water, and gas meters. The current owner is paying for gas and water. I would change that when the contract comes due and probably increase the rents some.

They are currently asking $97650 for the property. it has been on the market for 156 days now and about 4 months ago they had it on the market for about $89650. When I questioned the agent about this increase in price she said it was because the seller felt they could get more for the property.

I am also working on financing the proprety. I have about $15k liquid funds that i could use. I spoke with my mortgage provider i used for my house and I was told it was going to be 25% minimum down payment. With closing costs and inspections etc. I am looking at needing about $30,000. Does anyone know a lender in Fort Worth that provides investment loans below 25% down. Or is there another way of finding financing without going hard money?

If i have forgotten any details let me know. Thanks for the help!