I have been working with single family houses the last few years. I have decided to buy multifamily. I contacted my realtors and told them that I want to find a 30 unit complex for $800,000. She came back with 23 unit for $850,000. It has been rehabbed with granite counter tops and hard surface floors. It has a small laundry and is made up of 5 duplexes 2 bedroom 1 bath 12 – 2 bedroom 1 bath apartments and a single family house all platted as one property. It has a Net Operating Income of $79,000 on $148,000 annual revenue.
Now to look for operational improvements to increase value.