I would not want to own props with illegal suites for all the above mentioned reasons.
4 plexes come in all kinds of different configurations. As far as purchase price at about 128.500 per door it depends on what that configurations is and what shape the asset is in. (And yes, the market it is in)
The most common configurations:
* 4 PLEX with up and down units 2&1 beds
* 4 PLEX with up and down units 2&2 beds
* 4 PLEX with up and down units 3&2 beds
* 4 PLEX corner style (BiLevel) 2 bed
* 4 PLEX corner style (BiLevel) 3 bed
Then in any type of combination you may have 1,1.5 or 2 bath. There is the difference of some 4 plexes having a shared entrance and common space and shared laundry, while others (corner style) have separate entrance and in suite laundry.
Also in any type of combination you can have utilities such as gas and water at landlord expense or just water at landlords expense, while others may have ALL utilities at tenants expense. So a price per door (Alberta) on 4 plexes isn't as cookie cutter as (older style) apartment building acquisition, where often you find the same 1 or 2 bed, 1 bath configuration with gas and water at landlords expense.
My question would be, how do you compare a price per door on a 4 PLEX corner style, with Let's say 3 bed, 1.5 bath, all utilities separately metered, as opposed to a larger multiplex price per door with 2 bed, 1 bath and only electrical separately metered.
The 4 PLEX is bringing in $1100.00 per month per door (utilities seperate ) and the larger multiplex $850 per month minus 150-200 in utilities expense. At a minimum difference of $400.00 per door per month. (19200.00 annually)
Looking forward to your answers.