7 unit multi-family
There's a 7 unit multi-family in my area for sale I would like a 2nd opinion on.
It just expired from the market @ $185k, it was on the market for 456 days it's assessed at $145k. I was running some comps in the area and the owner is going to re-list. We think the reason it didn't sell is because it was priced a little high, it should be around $150-160k. If the price does go down to the $150k area I may be interested. I haven't seen the inside of the house, I drove by and the outside isn't too bad, could use a new roof in a few years. 6 out of 7 units are rented totaling $3000 and the empty unit could rent for 550-650. I have 20% to put down and taxes are $2300 a year and I would be managing the property myself, and all utilities are paid by tenants. Any advice is greatly appreciated.