So this room has the furnace, water heater, and laundry in it, and they are only accessible through this room.

You may have income from wash machines....Each eviction assume $1K taking some time so plan on 2 months.

Do you have a dishwasher or wash by hand?

They work 10-12 hours a day, and just need a place to drink beer, cook food, do laundry, take a shower, and sleep.

This jives with my recent experience listing an upcoming vacancy (2/1 in a Wash Park West triplex). 

Since this is commercial, can you increase the NOI by rehab, increased rents, laundry, decreased expenses?

Totally fine if you can continue to fund for say 5-7 years, but as we saw in 08/09, lots of people expected endless price appreciation and when rents softened they were washed out (how I bought my MF).  

Hi @Mike Celli -- I wouldn't do the deal based on *my* criteria/goals.Here are the monthly numbers I used:Rental Income $ 3,850.00 Laundry Income $ - Vacancy $ 308.00Taxes $ 458.33 Insurance $ 133.33 Lawn/Snow $ 60.00 CapEx $ 247.94 Repairs $ 247.94 Mortgage $ 1,573.82 Prop.

We plan on house hacking the bottom unit while we do the repairs and within the next year or so, purchasing another multi-family property to wash, rinse & repeat.Financing was done through Navy Federal Credit Union, where we were able to put down 15% on a 30yr conventional @ 4.5% interest rate - with closing costs, we're looking bringing ~15k cash to the table.   

Includes detached 4-car garage, large storage unit per unit with laundry hookups.