Hello.
So I'm 30 years old renting a room out of my parents basement. Perfectly fine relationship with my parents... But I'm ready to move on.
I've always wanted to buy real estate and give it a try. I've been looking at RE for 6 years now (doh! Should have bought then).
https://homes.ksl.com/listing/40441038For sale by owner, 4 plex (2 bed, 1 bath) in a nice city (Farmington Utah, lots of nice mormons). This is not a shit hole (but lets be real, it is a 4 plex from the 70s). Most 4 plex's I see in utah are in sketchy areas. Not this one. Nearby other houses, not multi units.
unit 1: $940 (1 year lease)
unit 2: $940 (6 month lease)
unit 3: $890 (mtm)
unit 4: $750 (mtm).
total: $3520.
Using a redfin calculator: $710 @ 5% is $3550 a month. At 20% down, $2,696.
Curious what your thoughts are on this property as a first rental. In this market, I'll probably never get a "killer" deal, but I do want to start getting involved.
If you threw an offer at this house, what would you do?
Any tips of advice is appreciated.