I'm considering putting in an offer on a 5-plex. I'm newish to RE investing and want to verify if what the Listing Agent told me is legitimate. I was told that the 5-plex is on 5 separate parcels, but because the water meter is not separated, they have to be sold as a 5-unit.
I was also told that I could buy the 5-plex, create an HOA that pays water, trash, sewage, etc., and sell them as 5 individual condos and that it wouldn't be too difficult because they are already 5 separate parcels.
How can I verify this is true? And what issues do you foresee in doing it? I'd hate to be stuck with a difficult to sell 5-plex, but it wouldn't be the end of the world because the rest of the dynamics are solid. (neighborhood undergoing gentrification, value add opportunities, and good cash flow)
Any advice is appreciated. Thank you!
