Sounds like that may be even more of a concern when you're working in lower income areas, as they're probably going to have more issues.On top of that, the property is listed as a 4plex, yet the county records show it as a triplex with a garage (so they likely converted garage to an additional unit), and the "land use" is defined as single-family (which is confusing, because the same page says the property is a triplex).Will be talking to the current PM hopefully today to get his opinion on the property and area as well.

Sounds great!

@Neel Jain, I think you are right on the Cap Rate. 12.31 doesn't sound right.

Sounds like it worked out.  

@Mike AshOkay.You need a full broker's license to engage in property management for someone else.

Sounds like he is trying to get the place just because they know each other.What should I do?

BUT if he is trying to sell it to you for retail prices, it doesn't sound like a very good deal for you. 

It all sounds amazing, but… Where do I start?

Christian,That sounds great, how can i contact you? 

Sounds about right, from my understanding refi closing costs are typically 3+% depending on state/county.