I recently had a flood in one of my rental properties caused by a broken pipe outside the building.

It is a 7-unit building in Frederiksted and we put it in a USVI LLC for the corporate protection benefits. 

It was going to be a new build.

No aspirations to continue to build and move in syndications, just plain old buy n holds in class B neighborhoods.

So if you are talking about buying a 6 to 20 unit building I would stick to Abilene.

Then speak with the planner to see what types of businesses / buildings they think are a good fit for the property based on the master plan for the area. 

When speaking to the owner (building rapport), your main goal is to figure out which of these main 3 is most important to them.

🚲💼❤️Even with 40 years in real estate, I felt the same way about buying my first apartment building.

By having more tenants there are more eyes to watch for issues that may pop up, more people paying rent, and if you have one of the units vacant for a bit, it will not hurt the bank as bad as it would if you only have two tenants in the building and one of them left.   

There are several large brand new affordable housing buildings being finished less than a mile away, that will also pull potential renters from this property.I'm not sure where you pulled your numbers from, but I wouldn't be surprised to see that property rent for less than $3k/mo for the entire house.