It has been a multi family for 50+ years.Should I be weary of this purchase?

We both had our names on the deal and we split profits 50/50.orI am doing a rehab.

Cash-on-cash is your only metric here that may matter, and it's simply for comparing properties side-by-side and asking what the best use of your limited dollars is...Anyway,Your closing costs will be closer to 2% of the purchase price: $5,800 (unless the seller is covering this...if so, good job)Repair cost of $1,000 won't do anything...contractor fees will eat 50% of that...if you are renovating, you need to renovate to drive rents...$4k per unit will maybe do paint and carpet...a few fixtures. 

The 1% rule can be very deceiving.

@Jr Trotta Dislcaimer: I am in no way affiliated with the following: Housingalerts.com (Ken Wade) has two videos of the top 50 markets on YouTube.

Sadly in most of south america were I am from (venezuela) you are expected to help family you know take care of your parents when they are old (thing Inagree with) but when they actually need not when they are rellatevely young (50-60) and still are able to work.But again the problem is that my father hasnt been able to find a job, my mother doesn not know english and her health condition doesnt help right know.

Download PDF Edit Report Discuss in Forums Other Actions $1,500.00 Monthly Income $786.67 Monthly Expenses $713.33 Monthly Cashflow 12.53% Pro Forma Cap $10,024.00 NOI $18,480.00 Total Cash Needed 46.32% Cash on Cash ROI 18.26% Purchase Cap Rate Expenses Income 50% Rule Total operating expenses: $664.67 Mortgage expenses: $122.00 Vacancy: $75.00 Repairs: $75.00 CapEx: $75.00 Insurance: $150.00 Management: $150.00 P&I: $122.00 Property Taxes: $139.67 $54,900 Purchase Price Purchase Closing Costs $2,500.00 Estimated Repairs $5,000.00 Total Project Cost $62,400.00 After Repair Value $80,000.00 Down Payment $10,980.00 Loan Amount $43,920.00 Loan Points $0.00 Amortized Over 30 years Loan Interest Rate Monthly P&I $122.00 Total Cash Needed $18,480.00

I am asking because I always come across discussions mentioning the 21 days rule, but never heard about the 60 day rule.This could have major implications, as by the 21 day rule, landlord would have to return the deposit by 07/21, and would potentially lose rental income for August, depending on the market, as rents are typically hard to collect after the deposit is returned.

At first glance, this passes the 1% rule, which I think is good for Houston? 

I'll give you a bunch of my situation and see what you have to say and also feel free to PM me or I'm happy to help others with this thread as well.So this pas year I went on a bit of a buying spree, liquidated some other assets and bought three single family homes in the 50-80K price range.