Can I buy a fourplex with an FHA loan?

Yes, if you will live in one of the units. FHA loans can be used for properties with up to four units when the buyer occupies one as a primary residence, and for three- and four-unit properties FHA also applies a rental income self-sufficiency test. Confirm current rules with a lender.

A rent roll is a list of every unit in the property with its tenant, monthly rent, lease dates, deposit, and whether the unit is occupied. Compare it with the signed leases and with records of the rent that was actually collected.

Should I inspect a newer fourplex?

Yes. Newer buildings can also have roof, foundation, plumbing, electrical, air conditioning, or drainage problems. In Texas, professional home inspectors are licensed by the Texas Real Estate Commission.

Is it better to live in one unit or rent all four?

It depends on your goal. Living in one unit can open owner-occupant financing and lets you watch the property closely; renting all four keeps your home separate from your investment. Decide before you start looking, because it changes the loan, the location, and the workload.

Does Alfonso help fourplex buyers in Spanish?

Yes. Alfonso works with clients in English and Spanish. Se habla español.

Investing · Fourplex guide

How to Choose the Right Fourplex in the Rio Grande Valley

A fourplex owner's checklist · Access Realty RGV

By Alfonso Bedolla, REALTOR® (TREC #845434), fourplex owner in McAllen · Published October 29, 2026 · Originally published on LinkedIn

Single-story brick fourplex with palm trees and two parked cars in a quiet Rio Grande Valley street at golden hour — A small multifamily rental on a quiet street, the kind of property this guide is about. AI-generated illustration, not a real listing.

I own a fourplex in McAllen, so I look at these properties from the owner's side. A fourplex can look great in the listing photos and still be the wrong buy for you. These are the six things I check before buying one, whether it is for a client or for myself.

Key takeaways

Start with your plan: living in one unit or renting all four changes everything else.
Compare rents locally: with similar units nearby, not with another city.
Trust documents, not projections: leases, rent roll, and collection records.
Budget for the bad month: one empty unit is a quarter of your rent.
Inspect even newer buildings: with four units, one weak system means four repair bills.
Count the work: your time or a manager's fee is a real cost.

What should you check before buying a fourplex in the Rio Grande Valley?

Before buying a fourplex in the Rio Grande Valley, check six things: your plan for the property, the location, the real rental income, the full list of expenses, a professional inspection, and the work of owning it. A fourplex should make sense on paper and in person, not only in the listing photos.

Check	What to verify	Red flag
1. Your plan	Live in one unit or rent all four, and how long you will keep the property.	Shopping before you know what the property must do for you.
2. Location	Visits at different times; jobs, hospitals, groceries, schools, roads; nearby rents; flood zone.	Rents compared with another city or market.
3. Rental income	Signed leases, a current rent roll, and records of rent collected.	Only projected or "market" rents, no documents.
4. Expenses	Taxes, insurance, maintenance, utilities, management, vacancy, turnover, big repairs.	A budget with nothing set aside for vacancy or repairs.
5. Inspection	Roof, foundation, plumbing, electrical, HVAC, and drainage.	Skipping it because the building is newer.
6. Owner's work	Maintenance, showings, screening, rent tracking, and turnover.	No plan for who answers tenant calls.

Will you live in one unit or rent all four?

Decide first whether you will live in one unit and rent the other three or rent all four units. That choice changes the loan you can get, how much you need for the down payment, which neighborhood fits you, and how much of the day-to-day work lands on you.

Option	How it works	Financing to ask your lender about	Trade-off
Live in one unit (owner-occupied)	You live in one unit; tenants in the other three help cover the mortgage.	Owner-occupant programs. FHA and VA loans can be used for properties of up to four units if you live in one; FHA adds a rental income self-sufficiency test for three- and four-unit properties.	Your neighbors are your tenants, and you must really live there.
Rent all four (investment)	All four units are rented and you live elsewhere.	Investment property loans, which usually require a larger down payment than owner-occupant loans.	More hands-off, but the four rents must carry the loan and the expenses.

Loan programs and their rules change. Confirm current requirements with a lender before you make an offer.

How do you judge the location of a fourplex?

Judge a fourplex's location by visiting at different times of day and checking access to jobs, hospitals, groceries, schools, and main roads. Compare its rents only with similar rentals nearby, not with another city, and check the flood zone and how the street drains after heavy rain.

Person walking on a sidewalk at dusk past modest duplexes and fourplexes with porch lights on, palm trees against a blue evening sky — Visit in the evening too: parking, noise, lighting, and how the street feels after dark. AI-generated illustration, not a real listing.

Morning, evening, and weekend: parking, noise, traffic, and how the street feels at night.
Daily needs: distance to work, hospitals, grocery stores, schools, and main roads such as I-2 and I-69E.
Local rents: rents in McAllen, Harlingen, Brownsville, and San Benito change from one neighborhood to the next, so compare with similar units on the same side of town.
Flood risk: look up the address on the FEMA Flood Map Service Center and ask the seller about any past water problems.

How do you verify a fourplex's rental income?

Verify a fourplex's rental income with documents, not with the listing: signed leases for every unit, a current rent roll, and records showing that rent was actually collected, such as bank deposits. Keep the income the property earns today separate from the income someone projects it could earn.

Desk with lease folders, a calculator, a ring of house keys, coffee, and a laptop, ready to review a rental property's numbers — Leases, the rent roll, and deposit records tell you what the property really earns. AI-generated illustration, not a real listing.

Document	What it proves	What to look for
Signed leases	Who lives there, the rent, the term, and the deposit.	Expiration dates, and rents that match the rent roll.
Rent roll	Rent per unit today and which units are occupied.	Vacant units, or units rented well below similar ones.
Collection records (bank deposits, ledger)	That tenants actually pay.	Late or partial payments and months with gaps.
Projected (pro forma) rents	Only what someone hopes the property could earn.	Treat it as a goal, never as current income.

Which expenses should you budget for in a fourplex?

Budget for property taxes, insurance, routine maintenance, any utilities the owner pays, management, vacancy, turnover between tenants, and larger repairs like a roof or AC system. Then ask yourself one honest question: could you still pay the mortgage if one unit sat empty or a major repair arrived?

Property taxes: Texas has no state income tax, but property taxes are a major cost for owners. Check the current bill with the county appraisal district (Hidalgo or Cameron, for example).
Insurance: get quotes before you make an offer. In Cameron County and other coastal counties, windstorm coverage may need to come from the Texas Windstorm Insurance Association (TWIA).
Maintenance, utilities, and management: ask the seller what the property cost to run last year.
Vacancy and turnover: a unit between tenants earns nothing and usually needs cleaning and repairs.
Large repairs: roofs and AC systems eventually need replacing; set money aside before they fail.

Why one empty unit matters so much

In a fourplex, each unit is a quarter of your income. With an illustrative rent of $1,000 per unit (an example, not a market quote):

Scenario	Rent collected that month	Share of full income
All four units rented	$4,000	100%
One unit empty	$3,000	75%
Two units empty	$2,000	50%

What should a fourplex inspection cover?

A fourplex inspection should cover the roof, foundation, plumbing, electrical, heating and air conditioning, and drainage, and it should be done by licensed professionals even when the building is newer. With four units, small problems repeat four times, so one weak system can turn into four repair bills.

Home inspector kneeling beside four air-conditioning condenser units behind a single-story fourplex, with a ladder against the roof — Four units often mean four AC systems, four water heaters, and four of every small repair. AI-generated illustration, not a real listing.

System	What to ask the inspector	Why it matters in South Texas
Roof	Age, leaks, and storm damage.	Sun, heat, and hurricane season (June 1 to November 30) are hard on roofs.
Foundation	Cracks, doors that stick, uneven floors.	Soils in parts of South Texas shift with wet and dry cycles.
Plumbing	Leaks, the water heater in each unit, drain lines.	A leak in one unit can damage the unit next to it.
Electrical	Panel condition and how each unit is metered.	Safety, and who pays which utility bill.
HVAC	Age and condition of each unit's air conditioning.	Air conditioning runs most of the year in the Valley.
Drainage	Where water goes after heavy rain.	Flat land means water can pool near the building.

Who will do the work of owning a fourplex?

Owning a fourplex is a job: someone has to handle maintenance, show vacant units, screen applicants, track rent, and turn units over between tenants. Decide before you buy whether you will manage it yourself or hire a property manager, and count that time or that fee as a real cost.

Task	If you self-manage	If you hire a property manager
Repairs and maintenance	You take the calls and coordinate vendors.	The manager coordinates; you approve large repairs.
Showing vacant units	Your evenings and weekends.	Part of the manager's service.
Tenant screening	You set written criteria that follow fair housing laws.	The manager screens with their own process.
Rent tracking	Your own records every month.	Monthly owner statements.
Turnover	Cleaning, repairs, and re-listing between tenants.	Coordinated by the manager, for a fee.

How can Alfonso help you choose a fourplex?

Alfonso Bedolla is a REALTOR® with Access Realty RGV and a fourplex owner and landlord in McAllen. He helps investors in McAllen, Harlingen, Brownsville, and San Benito look past the listing photos: the plan, the location, the real income, the expenses, the inspection, and the work of owning it.

The right fourplex should make sense beyond the listing photos. If you are looking at one, send Alfonso the address and he will tell you what he would check first.

WhatsApp Alfonso Call (956) 640-2090 Email Alfonso

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