@Gavin Delmas
Thanks for thinking about the deal. If you are new, I would really recommend you use the 2% rule and 50% rule very very sparingly. Those two rules are very rough estimates, and I only use them to filter out listings. Once one looks at a potential purchase like the I listed here, one needs to look at the real numbers or best estimates to determine the cash flow. For instance, single family and multifamily properties are drastically different. In SFR's, the tenant usually pays for all expenses not covered in property taxes and homeowners insurance, while the landlord usually pays for water, landscaping, trash, and sometimes gas and electric, which increases the overhead by a large sum. Do you see how you can't just apply the "50% of rent collected are expenses" rule on all properties? Also property taxes are very specific based on location. Notice the property tax here is about 8700, for a property that is about ~300k, while many of my other properties in California about the same in value only pay about $2500 to $3000 in taxes every year.
The 2% rule, ha, let me just say, I have properties where monthly rent is about 0.75% of the purchase price and will cashflow $300 dollars a month. You have to do your numbers based on real numbers of your target location.
Also the property is 8 units so I will not be able to use conventional loans for financing. Commercial loans are usually higher interest with a shorter loan term.
