There are three additional large economic drivers in the area as well.

33 Unit - Asking $4350000 - ( I believe I can offer $4120000)Building is %100 occupied Current Rental Income -   $400380Total Additional income  $20698ExpensesReal Estate Taxes $66,695Insurance $8,407Trash $3,534 Electric $2,375 Alarm Monitoring $666 Gas $18,749 Pest Control $1,135Water/Sewer $24,051 Landscape/Snow Removal/Cleaning $12,168Management $34,439  Repairs/Maintenance $16,000Cap EX $20019                        TOTAL EXPENSES $208235NET OPERATING INCOME: $212843Dept service  $195600There is a big rental upsideCurrently the average rent is 1042 per unitComps tell me that if I fix up units @$8000 per unit - I will be able to get $1300 average on a unit.Once all units are done over the building should be able to fetch $6m after 36-48 months 

In addition to our primary residence I have one property that is owned by my self-directed 401k, and another rental property. 

I would suggest you do a bit of additional homework prior to taking on New Development projects.

The second unit it occupied by Section 8 getting about a $400 discount but she will be only staying 1 additional month after closing.

I did some additional research and found that Fannie Mae’s requirements were 6 months.

I add additional profit for the estimated time and difficulty of the project.

I acquired my first property on my own without telling any of my friends or family members thinking I would get criticized.

Hi everyone,First time homebuyer, first post, and first analysis all at once so please be as critical as you like; it's the only way for me to learn.

I have a duplex I own free and clear, and just need some additional money to finish rehab.