Deal or No Deal???
Found a 4-plex for sale in San Antonio for $185,000. $35,000 in rehab. The general contractor that wrote up the proposal has a good BBB rating, & can do the work. The ARV = $250K.
1 tenant currently living in 1 unit (efficiency) paying $700/mo. Can potentially rent out the other 3 units for $2,400/mo more.
It has a new roof, updated siding & foundation work has already been done. Foundation work comes with an engineer’s report & 1 year transferable warranty. Located in Denver Heights, San Antonio. 2,400 sqft.
This sounds like a great deal to me, & my lender.
I’m just nervous.
What do you think? Deal or No Deal?
@Rebecca Shedd what do the numbers look like when you account for all expenses and reserves? Is it making money?
You really havent really given enough information to know, for sure, if it's a good deal.
@Jason D. It will have 30,000 in equity on top of that it’s in a revitalization zone in down town San Antonio Tx . As far as expenses goes I would have to pay taxes which is 5,000 a year and insurance which is 1,200.00 a year and $100.00 a month yard maintenance . Outside of that there are no further expenses.
I’d want to know where and what part of Denver heights. Values can vary quite a bit depending on what part Denver heights. I’d also be curious to know where the arv and rent numbers are coming from and make sure there is data to support those. If I can be of assistance, let me know.
@Aaron Bihl Thank you for your feedback I’ll definitely check into it . As the rental there is one tenant that already pays $700 a month on a lease for an efficiency size apartment. The other three units are larger then the efficiency size.
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