This is what I’ve learned: Mortgage regulations for muli-family properties have changed drastically since the finance debacle/economic explosion.
Any property over 4 units automatically requires a commercial loan—regardless of whether it’s a commercial property. So, at 7 units, this house is well into that territory. And? Commercial loans require 30% down.
Plus? Banks in our state now require a property’s rental income to cover its expenses. Which? If you saw any of the photos? You can see that any rent would be minimal. And that actually we would have to pay someone to live there.