Multi-family deal seems too good, what should I be looking for?
Hi everyone,
I am starting out in BP and real-estate investing in general. I am looking to get involved in my first property.
I ran across the following posting and it seemed to me to be non-comparable to other sale properties in the location.
What flagged me was that this was a 27 unit building for $269K. Granted this property is in Detroit (though not in the worst neighborhood), but they claim 81% occupancy. Other properties with this many units are selling for much more.
I know the maxim of "you get what you pay for," so can you please advise - what should I be looking out for if I invest in this property? I feel like there must be something obvious I may not know about as a new investor that would cause the price to be what it is.
I would appreciate all advise.
Thank you!
-Ilya