Small multifamily
and duplexes
Central Florida is a single-family market. Duplexes and small multifamily exist, but they are concentrated in older parts of a few towns, they rarely come to market, and the ones that do are often owned by someone who has run them the same way for twenty years.
That scarcity cuts both ways. Competition is thinner than on single-family listings, and the properties reward someone willing to underwrite carefully and manage properly. This guide covers where to look, how financing changes at the unit-count boundaries, and what actually goes wrong.
Two to four units finance as residential, which is the single biggest advantage in this asset class: conventional terms, lower down payments if you occupy one unit, and a residential appraisal. At five units it becomes commercial — different lenders, larger down payments, shorter terms. Inventory here is old, so underwrite the building's systems as hard as the rent roll.
Four things that make this different from a house
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Financing, by unit count
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Where the inventory is
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Diligence specific to multifamily
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Two things to insist on
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Buying a two-to-four unit property, living in one unit and renting the others is the most efficient entry into this asset class: owner-occupied financing, a much smaller down payment, and a tenant paying down your loan. Occupancy requirements and the loan program rules are specific, and misrepresenting occupancy is fraud, so get the terms from the lender in writing and follow them.
The bottom line
Small multifamily here is a patience play. The right property does not appear weekly, and when it does the underwriting hinges on the roof, the plumbing and the truth of the rent roll rather than on the listing price.
Tell us what you are looking for and we will watch for it, including what does not reach the open market.
Talk through a deal
Leave your details and we will reach out to talk through the deal you are looking at.
We will be in touch to get the property details. Questions in the meantime: (352) 717-4153.
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