Looking at my first investment property in New York City. Looking at a multifamily (3-unit) property in Brooklyn (Bushwick). From my understanding the new rent laws passed do not effect it, only for 5 units+. Any advice for how to evaluate the property? It was on the market, but is now off around it's current price. I've asked for current rents as they use projected in the setup and will model out the expenses because they say it's 15% of gross which seems way too low (was thinking it should be in the 30-50% range).
Plan on walking the area during the weekend to see how it is/are people out walking etc, also have looked and it's a 5ish minute walk to transportation (3 blocks) with multiple stations so that seems good. Anything else I need to evaluate? I understand it's probably priced high and there's a reason it was taken off the market. Going to take it slow, line up financing for it, but want to at least learn if I don't purchase this specific property.