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Analyzing a 6 unit

6 unit, built late 80s, 2 br/1.5 bath each, single car garages, all utilities are separate

~$3600 total rent per month(~600ea)

$1250 taxes per month

$375 insurance per month

Property is fully rented, with rents under market, but long term tenants(all 5-20yr+). Rents could be raised 1-200+, but I am sure tenants would not be happy.

Overall the unit has not been updated since the late 80s, original dishwashers, toilets/tubs, gas furnaces/heat pumps(only 1 unit replaced in 2020s). The hot water tanks are various years, but mainly 10+ years old. Each unit has a deck that is surviving on various patch work. Windows all single pane, garage door/entry are nothing great.

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At what price point does this building make sense?(Listed in 600k range) I personally would have to pay cash, as it would be highly unlikely I would get a commercial loan(I own no other multi units). Perhaps it only makes sense with a loan, even if it is 6-8%, just for tax purposes/etc?

submitted by /u/zefpomp
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source https://www.reddit.com/r/RealEstate/comments/1s5a0rl/analyzing_a_6_unit/
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