It looks like sale prices are quickly declining in Delaware over the last year/several months.

Hi Jonathan,At a quick glance the expenses look a bit light (currently shows about 38%, where a quick rule of thumb is 50%).

Of course the time of the year may impact how quickly you can get someone in there but it may be better to lose a couple months rent then deal with their constant complaints.

Then they do a quick conversion to condos in two years and raises the property value.Such buyers are most likely buying on emotions because they are purely looking for a nice home to live (not cash flow), possibly buying in that location because of proximity to family or about to start a family, etc; so they will pay top dollar.  

I am currently looking in Gwinnett county for a quad - they are really going quick!

They like to see at least $100/unit minimum, and would prefer to see closer to $200/unit if possible when they do this quick litmus test of whether something is a good deal or not.With your numbers above it would seem that taking the 50% of your $319 and then dividing it by the three units, you'd end up with about $53/unit/month in cash flow.  

Just buying one multi-family rental is not going to make anybody rich and the Monthly Cash Flow is miniscule compared to other ways to make money with money.

It all depends on how much the seller wants and how quickly they want it. 

It requires you being quick to respond when things come up with a property under contract.

@Mike McCarthy @Shaun PalmerThanks guys, I appreciate the quick response.