In general you're going to have a pretty high TI going from Dry cleaner to retail.Out of curiosity why switch uses? 

Just out of curiosity, is you Ba.

After that refinance, you are free to use the capital accrued to buy another property and repeat the process.

Here are the numbers:Basic Information: Built in 1925Triplex with 3 separate units (2BD / 1BA each unit)Landlord pays trash/water, tenant pay all other utilitiesTerms: Contract Price: $345,000Down payment: 25% ($86,250)Mortgage payment at 4.25% ($1,273)Improvement: $2,500 (Cosmetic)Lease at $3,000 totalClosing cost: 2.5% of Purchase price ($8,625)Financials – Annual Number: Annual Rental Income: $36,000Annual Expenses: $16,810 (w/ Property tax, Vacancy, Repairs, Utilities, PM and Insurance)Net Operating Income $19,430Mortgage: $15,275Total Cash Flow: $4,155Total Equity Accrued: $4,362Total Cash ROI: 4.27%Total ROI w/ accrued equity: 8.75%Other: For anyone not familiar with Los Angeles, this is in a B/C class neighborhoodRental market is hot in this area of town, normally there are no vacancy (I have estimate a one month vacancy/loss rate)Rent control areaI am familiar with this area, have bought other properties a few blocks from this triplexI self-manage all my properties and will continue to do so for the next few years till I get to 20 units+.

The actual verbiage of the note is as follows:Interest will begin to accrue on March 29, 2022.

Out of curiosity - what lender(s) would lend on something lower than $50K?

My curiosity was piqued when you said prices for triple deckers had doubled in a couple of years in Worcester from as low as 150k ...I had always assumed Somerville prices were so high partially because it was so expensive to build in MA with basements and no immigrant workers like Texas has.  

Thanks for all the advice everyone...one other point of curiosity.  

Maybe the Govt will freeze Mortgage payments and Interest accruing. 

Picked it up out of curiosity but could not make it more than a few pages.