Thoughts on a previous dollar store for sale to then rent to a gym & salon in a semi-rural small community?
For geography, the property is ~20 miles NW of San Antonio, TX in a neighboring county. The recently-built dollar store lost the battle with then neighboring dollar store and the small grocery/hardware store. I hear the owner is asking $270k. An area independent gym and salon owner has been doing well for a couple years in a small strip center a mile or so away and would like to lease this building. If I could somehow do 100% financing (owner financing or bring in a cash partner), what is the collective wisdom on what the rent would need to be to cover all costs (PITI, Capex, etc.)? Or, what other info is needed to answer the question? Any other advice? If it were to happen, this would be my first REI deal. Thank you in advance.
If this is posted in the wrong forum, please let me know where is more appropriate.