I have a multi-family property under contract in what I think is a C grade area of Miami; it's a very central location though.
Here are the calculations for it:
Purchase price- 162k
Rehab cost- 40k
Monthly rental income- $2800
I am looking to buy and hold. I would remodel this to a high standard with really nice finishes to attract better tenants.
I am buying it sight unseen and I am a little hesitant about the area.
It's on NW 45th St, Miami.
The purchase price per square foot is a mere $65, which is well below the current market average, even for the area.
Are there any Miami locals who could chirp in with their opinion on this one? Good deal or bad idea?
The avenue will make all difference. You could be near Wynwood (but judging by the purchase price you likely arent) or a really shady area. Sight unseen? For that area you are brave.
@Nat Chan price point is low for a quality area with high rent. Seems like it's in Brownsville or close to it. I would check on liens, violations, open permits as due diligence process prior to closing on the deal.
Everything that has already been said plus Hope you have a professional down here helping you with this. How decent / bad was the inspection? When are those leases up? Have you seen the rent roll?
Thank you very much for the reply everyone! It's so appreciated that you took the time.
To add some further detail it's between 17 and 18 Avenue.
It's a foreclosure and unoccupied. I have some people checking on possible violations with the city.
I thought the agent/seller had to disclose that or is that not the case?
I really don't mind the area. I think lower than 49-50th St is quite nice. Once you cross over 54th Street, you are really in the hood.
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