Additional expenses paid by you for the   rental portion of the mutiplex can be written off (i.e. garbage, utilities, water, garbage, repairs, maintenance, etc)5.

I am afraid my deal is too thin,  my budget is $50k for kitchen , 2 bathrooms, deck, refinish floor, whole house painting, simple landscaping, new  furnace and water heater, and some electrical and plumbing work. 

I recommend that anybody who is a landlord of property in Philadelphia should join HAPCO; HAPCO is a landlord organization that happens to offer the services of an eviction attorney at reasonable prices.And regarding utilities - in Philadelphia PGW (natural gas) and Water Revenue Bureau can bot place a lien on a property if those utilities go unpaid, even if the lease requires that the tenant make those payments.  

The previous owner used it for illicit activities, and was a general menace to the rest of the owners and tenants.The bulk of the work is in the bathroom, with water damage to the sub-floor, and a bathtub shower combo which was full of mold/mildew.

Built in 2002, it is a fully rented four plex (one unit is month-to-month so we would move in there).Current asking price: $495,000 (though originally listed at 474k, he upped the price after 16 days)Days on Zillow Market: Over 100Reason for Selling: To either purchase a SFH for himself and his GF or buy a commercial property, possibly storage unitsRents: 4,400 monthly (Owner said 2 units could be easily increased by $50 to $75 each)Expenses (annual)Property Taxes (assessed 2014): 7,754Insurance: 3,000 (guess)Maintenance & Repairs: 4,200 (guess)Utilities: 4,500 (average for last 18 months from water company, owner currently pays water/sewer/trash but there are separate water meters so we would look into passing this to the tenants as the leases expire)Advertising: $150 (only advertising is for new tenants when leases expire)Administrative/Misc Costs: $150Mortgage Insurance: $6,501 (from mortgage broker at 490k loan level)Snow Removal: $1,500 (as acountants, our busy season is during the winter and we don't have the time or patience to deal with this, there is a sidewalk + steps + driveway and back parking area to be plowed)Lawn Care: $150 (supplies fund, we will mow it ourself, first year expense of a lawnmower not included)Mortgage: 26,579 (FHA, 3.5% down, 3.75%)At 495kAnnual cash flow: $-1,684CoC: -9.72%NOI: 24,895Total ROI: 40.89%At 450k (keeping mortgage insurance at 490k loan level b/c I don't have other numbers)Annual cash flow: 762CoC: 4.84%NOI: 24,895Total ROI: 55.54%As it stands, my numbers are telling me this deal will not work, given the $100/mo/unit minimum standard most people are looking for here.This is the first deal that I have really looked at though as seriously buying, so I would love other people's opinions on my analysis.

I paid off her taxes, water bills, some other miscellaneous bills, paid $1,500 to do a traditional closing and the house was "free".

I had to have the carpet replaced, get the trash out and much more ...It's surprised that there were no leaks on the first day when the water was turned on.

The surfing warm water areas are kind of far.

Unit upstairs has water leaking into my bathroom ceiling.2.

They appear to all be banked owned so they probably just need the water turned on and some things here and there to be liveable again.