Why Multi-Family?
Multi-family properties offer unique advantages for real estate investors
Cash Flow
Monthly rental income from multiple units
Risk Diversification
Vacancy impact spread across units
Appreciation
Value increases with improved operations
Economies of Scale
Lower per-unit management costs
Property Types & Market Ranges
Current Marquette County multi-family market overview
Duplexes
Two-unit properties, ideal for house-hacking
Triplexes & Fourplexes
Small multi-family with conventional financing
5+ Unit Buildings
Commercial multi-family investments
Apartment Complexes
Larger scale income properties
Investment Analysis
I provide comprehensive financial analysis to help you make informed investment decisions:
Pro Tip: House Hacking
For first-time investors, consider buying a duplex or triplex and living in one unit. You can use FHA financing with just 3.5% down, and the rental income often covers most or all of your mortgage. It's the fastest path to building a real estate portfolio.
Due Diligence Must-Haves
Always verify: current rent roll (not projected rents), actual expense history (not pro forma), heating system age and type, and any deferred maintenance. I've seen deals fall apart when sellers' projections didn't match reality.
Property Management Options
Choosing the right management approach impacts your returns and lifestyle
Self-Management
Best for local investors with 1-4 units. Save 8-10% management fees but requires time and availability for maintenance calls.
Professional Management
Essential for out-of-state investors or 5+ units. Expect 8-10% of gross rents plus leasing fees. I can recommend vetted local managers.
Hybrid Approach
Handle tenant relations yourself, outsource maintenance. Works well for investors with some flexibility but limited repair skills.
Maintenance Reserve Planning
Smart investors budget for capital expenditures before they occur
Marquette County Multi-Family Market
Strong rental demand from Northern Michigan University, hospital employees, and professionals creates consistent occupancy in well-located properties. Limited new construction maintains favorable supply-demand dynamics. Average vacancy rates for quality properties run 3-5%, well below national averages.
Multi-Family FAQs
What financing is available for multi-family?
For 2-4 units, you can use conventional residential loans with 15-25% down. Properties with 5+ units require commercial financing with different terms. FHA loans allow as little as 3.5% down if you live in one unit (house-hacking).
How do I evaluate if rents are at market rate?
I provide detailed rent comparisons for every multi-family analysis. We look at similar properties by unit count, bedroom/bathroom configuration, amenities, and location. Underpriced rents often signal value-add opportunities.
What are typical expenses beyond mortgage?
Budget for: property taxes (varies by township), insurance ($100-200/unit/month), maintenance reserves (10% of rent), vacancy (5-8%), and property management if applicable. I provide detailed expense projections for every property.
Should I buy turnkey or value-add properties?
Depends on your goals. Turnkey offers immediate cash flow with less hassle. Value-add (underperforming properties needing improvements) offers higher returns but requires capital, time, and expertise. Both strategies work in Marquette.