For Sale 60K, 4-plex 3/4 leased for $1700, toledo 43610

[Ricco Pirozzoli]

Hey everybody!

23 year old trying to get started

I saw this oppurtunity to buy a 4 plex in toledo for 60k, I believe its in a rougher area but it has 3 tenants rented out for a total of $1700 a month with owner paying utilities. Id preferably live in the unfinished 4th unit, I have cash to buy it, Id be using all my savings so pressure is on. But it seems like a no-brainer. My family thinks its stupid and something is up, why would someone be selling a money machine like this? Its rough scary neighborhood, im not from the area and have never bought any property before but Im willing to get my hands dirty and eager to learn and get started. Does anyone have any advice or insight into a deal in an area like this?

Thank you!

[Christopher B.]

We can probably find you a better investment for the $60K.  I'm from the area.  We can connect if you're interested. 

We bought a 4-plex for $85K in a better area of Toledo a couple of years ago.  3 of 4 were rented, with gross income of $1305.  We renovated and have gross income at $2090 right now.  All units are rented, and even with a couple of turnovers, we have been able to re-rent at the higher rent levels.