Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.Investors should research the SEV and the Non-Homestead property tax millage rates to project what the property taxes will be after adjustment.

So with another 100K in construction/fix up cost bringing the total to 500K it meets the 1% rule, obviously I would do more underwriting but I need to be solid on those comps. 

I chose the latter, because I used to travel a lot of for work and wanted a hands-off investment.

My thought process going in was that the roof would be 1/4 of the total rehab budget.

The total opposite.

This sounds like your situation, Brody.It may be easier and more convenient to find one lender that provides both the purchase and rehab funds but don’t feel that your hands are tied.

Ive estimated $1mil total.

Here are the numbers I know so far:Rents4 units all currently occupied on one year leases- #1: 1/1 $995 monthly- #2: 1/1 $995 monthly- #3: 1/1 $995 monthly- #4: 2/1 $1,100 monthly- Gross rents: $4,085 monthlyExpenses- $12,070 taxes annually- $350 monthly insurance (my estimate, they have liability only right now)- $175 monthly landscaping- $120 water (electrical on separate meters, tenant pays)- Total expenses: $1,651 monthlyNOI around $2,434 before vacancy, maintenance, and management (although i would likely self-manage these)Property needs about $50K in other repairs and udpates from what I can see.

I totally agree with Eric, for your first deal look to something with as low risk as you can.  

In addition to this commercial unit, I currently manage a portfolio of five residential and commercial units, which has allowed me to gain hands-on experience in property management.My approach focuses on maximizing property value through strategic enhancements, ensuring tenant satisfaction, and implementing efficient management practices.