There is a main building with 5-6 bedrooms.

I'm renovating the entire first floor which has 2 bedrooms, brand new bathroom and brand new kitchen, the master bedroom is in the second floor and it's not bad so I'm leaving it alone.

I looked at an interesting but complicated fsbo, multi property yesterday and I'm considering an offer.It was built as a 6 unit with 2, 1/1's underground, with legal egress windows in the bedrooms.

It's an end unit so that's fantastic.Is it a condo?

I don't think I'll be able to get away with that because most 3 bedrooms in my area rent for $1200.

Would it make a difference in time if I were to convert the townhouse into two separate condos?

The agent told me it appraised to 30k but selling it for about 60% of that because she wants to rehab a condo she owns on the other side of the island.

They have reasons for their rules which I question all the time.Believe me I have had shouting matches with board members at the condo development .I built a 40 unit condo community starting in 2005 of beautiful 3-2.5 units with attached garage selling for $325,000.

These are 5 attached 3 bedroom townhomes and 4 individual SF homes all on 1 acre of land.Please let me know if I am forgetting anything.Rent: $8,875.00Units: 9Maintenance $1,331.25Vacancy $443.75Property Manager $621.25Insurance $484.47Utilities $150 (calculated at 85% recapture on RUBS for water, gas and electric metered separately)Landscaping $300.00Advertising $73.96Ongoing Capital Expenses $887.50Taxes $702.63Purchase Price $385,000.00Rehab $78,100.00Holding Fees $17,750.00 (2 months rehab, some will rent sooner)Closing Costs $3,500.00Cash out of Pocket $484,350.00Additional ideas for extra income:Pet Rent - $10 per month per pet (the property has a huge green space for pets that I may actually fence in as a "dog park")Appliance Rental - $25 per month for w/d, $15 per month for refrigerator (I actually ran across this idea looking for my son an apartment recently)Property also has a big playground that I may remove -- not sure yet.Please let me know if there are other expenses that I am not calculating (hopefully they are small :))

Today they told me 25%, but it used to be 20%.The mortgage rate for this mortgage is residential, between 2.5 to 3.7%I will be probably looking at 6 Plex in rough shape with higher cap rate since I like to renovate instead of paying for others renovations.thanks for the tip about cambridge, I actually saw a nice 5 plex for 400K, with something I really like: 2 bedroom apartments. thsnk youFilipe