Very good points and definitely many things here I had not considered. I appreciate you bringing them to my attention. Apologies for the confusion. This is a 12-unit building - fully residential, 10 are currently occupied. Average rent for the occupied units is $726/mo ($7,260 total). 4 of the 12 units have been renovated, the remainder could use some minor updating but could be done over time as tenants turn over.
I definitely had not considered any adjustment in taxes and will work toward understanding that. The property was most recently purchased for $375k in 2016, so there should be some impact there. Possibly a significant impact.
Insurance I estimated based upon my current coverages for condos. Recognizing that would only cover studs in, what do you think a 12-unit residential multi-family would be? Or at least a better estimate to work from?
Common area electricity, security lights, etc...an additional callout that I missed.
