50 something unit property need advice DFW

[Bill Vaughan]

I am looking at a 50 something unit complex here in DFW that is in a stable blue collar area. The units are all small (350 square feet) and all bills paid. It is apprximately 65% leased and the average security deposit appears to be a half months rent. Do you think this complex would be easy to lease and keep leased? The asking price is around 700. Any comments on valuation would be appreciated as well.Supposedly the property is cashflowing but May's expenses showed a loss.

[Bryan Hancock]

If you want to do a quick analysis on your own I uploaded a crude model this evening for small apartment complexes using the new file vault feature on BP. You can download a copy here to get you started with your own model:

Pro Forma Template - Small Apartments

Hope that helps...