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.  

Both of the sets of cabinets will be equipped with granite countertopsLastly, tomorrow the bamboo flooring will be installed in the living room on the 2nd floor 

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.

.$1000 per student sounds good, unless you've just paid $350,000 for a 2 bed SFH.  

Something of interest is nowhere in the article did they mention that they are adding more beds or more patient services.  

So they try to sell the place as a 6 bed 2 bath house and comp it that way when really it needs to be treated as an investment property.What you get is duplexes listed at $180k that bring in $1,000 in gross rent.