Additionally, depreciation deductions on the multifamily property could offset a portion of your rental income, further enhancing returns.Key considerations:- Financing the multifamily: Would you go all-cash or use financing?

For this being your first project and it being around two years, you want to underwrite in a way that minimizes your risk and maximizes your cash flow.Key Considerations for Underwriting This Deal1.

It is RS-50 zone requireMinimum Lot Size: 5,000 square feet.Minimum Lot Width: 50 feet.Setback Requirements:Front Yard: Minimum of 20 feet.Side Yard: Minimum of 7 feet on each side.Rear Yard: Minimum of 20 feet.Maximum Building Height: 35 feet.Permitted Uses: Primarily single-family detached dwellings.To have different lot size need neighborhood approval, I believe...  

So if you are looking to hold long term, you must take that into consideration.

I will take this advice into consideration.

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

Do it ASAP.Exit strategy considerations: Is it worth absorbing some of the costs and focusing on long-term appreciation?

They can offer valuable insights into the local market, potential rental yields, and specific considerations for a rehab project like the one you're planning.

Thank you for your consideration. 

Are there any additional considerations?