Did i over pay? $417k for san bernadino or highest cashflow ever?
I just put this property under contract at $417k on an FHA WHERE MY MORTGAGE SHOULD BE ABOUT $2,700, with $14,700 down. The property is .96 acres and it is zoned "light commercial "as you can see from the pictures I have added you can rent out the back half to many of the trucking or shipping companies locally for about $2000 total / mo for the back half. The property consists of a three bedroom one bath and a two bedroom one bath that are two separate houses on the lot. one in worse condition than the other but both in livable condition. My plan is to move into the 2/1 as they will be delivering this property vacant and build on 2 rooms/1bath while living there to create higher rents and value add. the other 3/1 house has a great tenant long term paying $1200 per month. Im going to bump him up to $1,300
I also looked up on rentometer:
3/1 rents for $1700/mo on avg
2/1 rents for $1200/mo on avg
I hope im not overpaying too much yet comps tend to show that i am.
Wanted to get input on where i can research my options with this light industrial property that i just purchased in San Bernadino, CA / Loma Linda.
I feel like there's a ton of value add with this commercial lot in the back as far as building offices / shipping warehouse or some type of high cash flowing commercial construction.
But the comps and prices for them have me scared. We are getting an appraisal this next week as well as inspection and have already put down our earnest money. Of course we can back out because of contingencies i just wanted a second pair of experienced eyeballs to tell me what they think.
2332 s. Artesia st.
San Bernadino, CA 92480