The only way to do it is to do the work with the city to make all four units condos and then sell the off separately.

The median sale price increased month over month breaking the trend of decreasing median sale price the past two months.The rental market continued to moderate in Q3 2024 thanks in part to the increase in units being built. 1,815 units were completed in the year ending with Q3 2024 with 1,447 expected to be completed in the next four quarters.These new units brought online in the past year increased the overall inventory by 3.4%, however by Q3 2025 we anticipate demand to outpace supply by over 550 units.With this increase in units over the past year we have seen the occupancy rate moderate at 95.8%, down from the high of 98.9% in 2022.

Many people usually start off with house hacking where you purchase your primary and rent out the other vacant units/rooms to lower your mortgage payments.

Goodmorning Sandy, are you thinking of smaller or larger unit multifamily and are you thinking of investing in Oregon now?

Make them pay until the unit gets rented to someone else?

A triplex or quadplex could provide more units for rental income, but obviously will require more financing, so having your financials and pre-approval lined up early is key.Since you’re already looking to network, attending local real estate meetups is a great idea—you can also connect with seasoned investors or agents specializing in Long Island properties who can offer advice specific to the area. 

Since you said both units are rented, I'm assuming you are utilizing the LTR strategy?

We've owned them for 20-plus years but the recent property tax increases have negatively impacted our cash flow as have major repairs such as roof replacements, AC units, etc.

@Sharon McCants Yup around the 100-150k/unit mark can get you into a solid B area here that'll hit the 1% rule in most cases.

As an owner-occupant living in one unit in a multi-fam, you will have more leeway in who you can and can’t accept according to the law, but it’s always important to be aware of the rules to make sure you stay in compliance because you want to avoid having to defend yourself from an accusation.