I'm just curious: Does anyone here know cities where you can find small multifamily (2,3,4 units) in nice neighborhoods?

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

No consideration to what this building or the neighborhood would look like in 10 years.4.)

We both were approved for a 180-month 5.85% loan, as well as a 7% 30-year fixed mortgage, but we will continue to shop around with the idea that we would just pay off the entire mortgage once our funds become liquid. 

Those are the neighborhoods I buy in.

Shopping around is always highly recommended. 

Tenant performance decreases as the property Class decreases.Have seen too many out-of-state investors misread the City of Detroit neighborhood markets and liquidate their holdings when their expectations weren't met. 

Purchase price: $312,000 Cash invested: $52,000 High-demand neighborhood in Lake Nokomis in Minneapolis.

First, I went to the lender and asked if we could do a loan modification instead of me shopping around for a new loan that might not be with them at a lower rate and for a modest processing fee they did that.