Thank you for all your replies. We bought these units 3 years ago and being inexperienced (before Biggerpockets of course) has cost us greatly. That and having stressful full time jobs have prevented us from fully looking at the situation, however, this has now my complete and full attention.
The down payment shown is not the original down payment, it's how it stands now, I wanted to show the current loan balance and equity somehow. These are 38 year old units and the previous landlord apparently did not ever fix anything right.
We have had a water heater flood, an electrical break box fire, bed bugs and repairs galore, which have contributed to the insurance and continuous repairs being sky high. I feel like we're remodeling this property piece by piece after paying retail for it.
The property management company also is greatly overcharging, that is another aspect that needs to be addressed. I believe it's a case of "when the cat's away..."
Honestly, I'm seriously considering cutting our losses, getting rid of this mess and just starting over. I would love to be able to get a multifamily 1st lien HELOC with a 10 year draw period in order to reduce the mortgage payment, have access to the equity and at least attempt to break even. I have looked but I can't find any bank offering those for multi-families yet.
