9 Unit Apartment building 2 story rehab

[Garison Clemens]

I found a property that was purchased back in 2015 for around $13,000 a unit. It has been sitting ever since, has material sitting outside and I looked up the current owner who closed his LLC and the tax bill still is unpaid for 2016.

Every unit is a 2 bed 1 bath - Pretty much the entire property needs rehab. As it stands has a tax assessed value for $245k. 

Now this is the kicker. What would you guys look for when looking at this property? This would be my FIRST deal. Median rent around the area for a 2 bed is roughly $900 a month. Probably lower income area, class C property. It just never was finished.

Thanks guys.

[Jennifer Slaughter]

Hi @Garison Clemens, I think you have a really good question, what I would look for depends on a couple things---

Where is it located?

Have you run an analysis on the property? Knowing how many units/location will get you more accurate numbers when you're running an analysis, especially when it comes to rehab costs, taxes, insurance, property management, etc.

So, to answer your question, the biggest thing I would look for after having all of the figures for the property would be if it meets my criteria for CoC/ROI OR if there is enough of a spread to flip it.