etc) America's troubled economy with 1/3 population permanently unemployed, many tenants get their landlord cited for violations (ie, any and all work without permit which nowadays thanks to DIYers, seems to me in this area at least, most every home has some level of work ie, DIY electrical work, decks, summer kitchens, etra beds/baths, etc for which a permit was never pulled.enter multi-level lease holdover! 

I believe it will be somewhat difficult to find a community where you can park all those vehicles, unless you are buying a 5 bed with 3 car garage.  

Ph# ___________CONDITION __Occupied / __Vacant _____ Bed/_____ Bath Construction _____________A/C ___________ Elect.

Purchase Price: $710,000 +/-Units: 12 (All 850 SF 2 bed / 1 Bath units)Current Monthly Rent: $9,300/mo (There seems to be room to push this to at least $9,700)Annual Rent: $111,600 + other income $905Vacancy: 5% (Property is currently 100% occupied with strong occupancy history)Effective Gross Income: $106,925Taxes: $9453Insurance: $6588Management: 5% (will be partially self managed) $5,079Utilities: $6,302 (only common area electric and electric heat, all other separately metered)Septic: $1,000Repairs/Maint.: $16,450Marketing/Promotion: $1,431Trash: $1,961Supplies: $1,579Water Testing: $3,177Misc: $350Total Expenses: $53,370NOI: $53,555Cap Rate: ~ 7.5%Cash on Cash: ~12% (based on 20% down and 30 year am at 5% - still finalizing loan terms so subject to change)DSCR: 1.46x50% Rule ($/unit/mo): $117.171% Rule: 1.31%GRM: 6.36Debt Yield: 9.55% (based on 20% down)Property is in overall good condition but could use some upgrading. 

It could use the basic cosmetic updates- paint, carpet, clean up landscaping etc. the property is 3 bed 2 bath 1,700 sq feet with a large 2 car detached garage.

Rents in the area are $550-650 for a 2-bed.

so being new to REI  I wanted to get a few eyes on my 1st deal and see if I could get the opinions of a few people here on BP.asking price 249k, 4 unit mulit. 3 2 bed one bath, and a 3 bed 2 bath SFH with a pool on the same property.

Same bed/bath/sq footage count.

I am looking to invest in a 2 bed 2 bath condo with my brother, who would live there and I'd rent out the second bedroom.

I checked tax records (as I always do) for square footage, beds, baths, etc.