Should I buy this building
Hey guys was wondering people’s opinion on this. Looking at a 6-plex and 3plex on one PID. Current rents are about $6500 a month total and it appears market rents are closer to $7300. Also factor in on-site coin laundry bringing in another $150 a month and garages bringing in $150 a month. They are asking $750k and I just feel like that’s to much. I offered $665k and they didn’t even counter, they simply rejected the offer. Using the 1% rule I thought $665k was a fair asking price. All the current tenants are on month the month lease, so I guess it would be easy to either raise rents or kick out current tenants and find new ones. I don’t want to miss out on a deal, but I also don’t want to over pay. Any thoughts?