Built in 2002, it is a fully rented four plex (one unit is month-to-month so we would move in there).Current asking price: $495,000 (though originally listed at 474k, he upped the price after 16 days)Days on Zillow Market: Over 100Reason for Selling: To either purchase a SFH for himself and his GF or buy a commercial property, possibly storage unitsRents: 4,400 monthly (Owner said 2 units could be easily increased by $50 to $75 each)Expenses (annual)Property Taxes (assessed 2014): 7,754Insurance: 3,000 (guess)Maintenance & Repairs: 4,200 (guess)Utilities: 4,500 (average for last 18 months from water company, owner currently pays water/sewer/trash but there are separate water meters so we would look into passing this to the tenants as the leases expire)Advertising: $150 (only advertising is for new tenants when leases expire)Administrative/Misc Costs: $150Mortgage Insurance: $6,501 (from mortgage broker at 490k loan level)Snow Removal: $1,500 (as acountants, our busy season is during the winter and we don't have the time or patience to deal with this, there is a sidewalk + steps + driveway and back parking area to be plowed)Lawn Care: $150 (supplies fund, we will mow it ourself, first year expense of a lawnmower not included)Mortgage: 26,579 (FHA, 3.5% down, 3.75%)At 495kAnnual cash flow: $-1,684CoC: -9.72%NOI: 24,895Total ROI: 40.89%At 450k (keeping mortgage insurance at 490k loan level b/c I don't have other numbers)Annual cash flow: 762CoC: 4.84%NOI: 24,895Total ROI: 55.54%As it stands, my numbers are telling me this deal will not work, given the $100/mo/unit minimum standard most people are looking for here.This is the first deal that I have really looked at though as seriously buying, so I would love other people's opinions on my analysis.

All this complexity will simply make accounting administration go up and may make it more difficult to fiance properties.

I have an office administrator who handles front line duties and work orders not issued by the other managers.

Both volume and the no administrative responsibilities.

Hard to say what the future holds, but I suspect a change in administration in 2016 will keep the flood insurance wolves at bay.  

The pandemic has changed many investors original intent, therefore would allow for a back to back exchange in the same tax year.Additionally - what do we expect for real estate investors under the new administration?

Also, Ive seen where the new Biden administration is planning to extend eviction moratoriums by executive order within the first 10 days of taking office.

It seems high (especially administration fee) so wanted to check with you guys here how it sounds.

This stops the issue from escalating and now that I've done what I said I'd do it's a good relationship.The procedure for the City seems to be:A Violation letter with a specific time to resolve (24 hrs, 72 hrs, etc)A second letter which is a $75 Fine, Notice of Liability TMC 1726A third letter which is a $250 FineA court summons forcing you to hire a lawyer, attend court at least twice, resolve the issue and then pay court fees and fines.I presume if you don't attend the summons then they put a warrant out and place the fines and fees against your property meaning it will be seized if not resolved.At the City's discretion they will themselves resolve a situation they deem urgent...you will receive a large bill in the mail for their time and efforts, something like $300 an hour for four hours time plus materials and disposal.I have properties in a self directed IRA, which means the owner on file is the administrating firm...there is a two week delay between a notice being issued (yes a 72 hour notice) and my getting it.

As a Self-Directed IRA administrator, I have seen clients with all kinds of the above mentioned investments.