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Updated over 9 years ago on . Most recent reply

User Stats

125
Posts
37
Votes
Erin K.
  • Professional
  • Loudonville, OH
37
Votes |
125
Posts

What would you pay for this 4-family building??

Erin K.
  • Professional
  • Loudonville, OH
Posted

4 unit apartment building - current rents are $480 (2BR), $435, $425, and $365 (all 1BRs).  Landlord pays for trash ($840/yr) and water/sewer, which is $125/month.  Property taxes are $1,400/yr.  Insurance will be about $k/yr.  We had some inspections done and the electric is shot and I have a quote for $4k in necessary repairs. Plumbing is in okay shape, but definitely will be some issues to deal with in the future.  I don't think there is a lot in the way of immediately necessary repairs to the apartments themselves.   

The $365/mo tenant has been there for a long time, and, while he always pays his rent on time they say, he is a major hoarder, and mentally unstable. Has pictures of women's underwear ads taped all over the apartment, and the place is a filthy, packed mess.  When we were doing the electric inspection, he thought we were going to be asking to look in his apartment again, so he stood at the top of the steps and started screaming, "I'M TIRED OF THIS F-ING SH!#!!!"  Would want to get rid of him asap if we buy it.  He's on month-to-month lease at this point.  Could also then increase rent amount for new tenant.  

Not sure what I'm leaving out that would be helpful, but looking for thoughts as to value. 

Thanks! 

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