Debt service would be at about $9,886.Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.Income- $22,620Expenses- $9,048NOI= $13572Debt Service- $9886CashFlow= $3686/ year, $307.17/ month, $102.39/ unitAny feedback will be helpful!

It would also be good to get some recommendations from fellow BP Members.A good test question to ask your future property management is to ask them the questions about the smoke detectors/placement.

Hi Tanya, check out Klasic Property Services. 

Be very careful of service animals and fair housing law, the fines are harsh.

I would say its tougher these days to find easy flips in the multifamily space, but if you are looking to buy/hold for rental income you can cash flow about $1000/mo (after debt service) on a $500,000 building (4-6 flat) in several areas.  

@Michael Muro Typically there are two types of coaches/mentors out there.1) will charge $5k - $50k for their services and will help show you the ropes, maybe provide you with some "proprietary" spreadsheets or software, and give you encouragement along the way.

You’ll need to sign and have the tenant sign an EPA form that states you don’t know if there is lead (unless you test, you don’t know, even if you’re pretty sure based on the age) and provide a pamphlet about lead in your home.

There's other options for us such as staying where we're at for another year after selling the rental; we'd be mortgage free, AND I'd be able to test the waters in an out of state rental market as I'd still be able to buy the first unit/home cash (we'll clear about $150k on the sale of our rental after paying off the note and other fees).  

They both offer Inspector Due Diligence inspections as well, basically a toned down inspection that looks for specifically problematic/expensive items... but they don't necessarily test every outlet and switch.

In that case you might need to find a different lender or send them the trust for review, if your trust attorney is good they should be able to provide support services for free and give the bank a call to explain the situation.