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Fundamento

Small multifamily (2–4 units)

Duplexes, triplexes, fourplexes are an attractive step after single-family. They qualify for owner-occupied financing if you live in one unit. They diversify single-tenant risk. They're the building block for the "house hack" strategy.

2–4 unit properties get residential financing (better rates and terms than commercial). 5+ units crosses into commercial — different financing, different evaluation (cap rate based on NOI, not residential comps), different complexity.

For most regional first-time investors, a 2–4 unit property is a better risk profile than a single-family rental: if one unit is vacant, you're not at 100% vacancy. The operational learning curve is similar to one rental but the diversification is real.

Watch for older 2–4 unit buildings with deferred maintenance — most pre-1970 small multifamilies have at least one major capex item lurking (roof, sewer line, electrical). Reserve at 1.5–2% of value annually instead of 1%.

#duplex#triplex#fourplex

Related answers

Buying rental property

House hacking — the on-ramp strategy

Buy a 2–4 unit property with owner-occupied financing (FHA 3.5% down, VA 0% for eligible veterans), live in one unit, rent the others. The rent typically covers most or all of the mortgage. Repeat every year to build a portfolio with minimal capital.

 Property types worth knowing

Single-family rentals (SFR)

The most common form of direct real estate for individuals. Demand is durable (people always need housing), financing is available, properties are easy to understand. Target 6–10% cap rate, 5–12% cash-on-cash, in markets with reasonable price-to-rent ratios.

 Property types worth knowing

Short-term rentals (Airbnb) — the regulatory wildcard

Vacation rentals can generate 1.5–3× the gross of long-term rentals — but operating costs are higher, vacancy is higher (50–70% occupancy is normal), management runs 20–35% of gross, and regulatory risk is the biggest single threat to the entire investment thesis.

 Property types worth knowing

Small commercial property

Strip retail, small office, small industrial/flex. Higher sophistication than residential — tenant credit matters more, leases are 5–10 years (vs. 1), vacancy can last much longer, tenant improvements at lease execution can be substantial.