Deal or no deal on this multi family?
Currently listed at $159,900
6 units bringing in $3,200/month in rents
Taxes are $3,092 and Insurance is approx $1,200. Tenants pay electric and heat and the property has a private well for water.
I would self manage.
Garbage(dumpster on site) and city sewer is $395/mo average
There has been zero vacancy in the last 10 years.
I would offer $150,000 cash sourced from a private money lender at a zero interest rate. Would JV and my partner has the cash. I am a licensed Realtor so would earn 2.1% commission on the buying side.
The building was built in 1900 and needs plenty of updating. I can leave as is and keep getting $3,200/mo in rent or rehab the units one at a time and get $3,800 in rents when they are all complete. Tenants are all employees at a local mega dairy farm and the community its located in is relatively low income and rural.
Lets hear your thoughts on whether or not you would pursue making an offer.