I once had a 4 plex under contract.

This is what I have oundFor real apartment complexes (not condos, not duplexes, not four plexes) operating expenses are almost always between 40% and 60% of revenue.  

I sold a 5 plex and a 6 plex all fully occupied, I never told a single tenant I was selling, When buyer did walk thru I gave notice said it was either a insurance agent or contractor that needed to see inside of apartments.  

I run two of them), you'll have to explain to the bank why you want to move back into a plex... might get tricky.  

In other words, your building no longer conforms to the current zoning but the four-plex use was established legally when zoning did allow it.  

When meeting with applicants I could not believe how many middled 50's guys have nothing to their name but a few tools, a beat up truck & a minimum wage JOB & no retirement plan.The guy we hired turned out to be amazing & he has helped in many projects at the 6-plex & many other properties we have. 

I bought a fully rented 4-plex last month with awesome cash-flow for just over $400k   Its not without issues, but so far all the tenants are great and have paid on time. 

Man when I bought my first 4 plex I was just 19, and quite literally made every mistake in the book!!!

We bought a 4-plex in TX two years ago.

--expensive for investing, but if you can do VA on a duplex, triplex or four plex, with zero down, or even FHA with 3.5% down, go for it no matter what!)