Updated over 9 years ago on . Most recent reply
Help me out! Need a pro's opinion on this property.
I'd really appreciate some input on this apartment building. Thanks in advance.
4 unit apartment built in 1977. Electric baseboard heat w/ window A/C. Solid brick construction with newer roof and no immediate repairs needed. Coin operated washer and dryer on site. Also.... kinda funky..... a three stall storage garage... storage only and not quite big enough for a car.
Price $175,000 I would put 20% down and finance the rest at 4.5% 30 year AM
Property tax $6,000
All utilities paid by tenants (metered separately)
Landlord pays water/ trash- $4500 annually. Shown on last 3 years schedule E.
Monthly rent- 550 x 4 = $2200
Not sure how much the coin operated washer/ dryer bring in.
The storage units are all rented by one tenant paying $100 monthly for all.
This is a small town sandwiched about 17 miles away from two great cities. Very limited competition but the population in only about 2500.
If the list price isn't a good deal what price would be???? thanks in advance!