Is this a good/bad deal?
I'm a rookie and have an opportunity to purchase a mixed use property that needs a lot of renovation. Can anyone help me figure out whether this is a good or bad deal?
Asking price: $90,000
Estimated renovation: $100k
Current occupancy (1 residential, 3 commercial) net yearly income: $9,132 (not including loan repayment)
Potential occupancy (4 residential, 3 commercial) net yearly income after renovations: $27,240