@Tchaka Owen Thanks for your reply. No, I mean I would only offer $28,195 for all 6 properties...it would be a low, low offer based on my calculations.
Real Estate Agent · Merritt Island, FL · Member since 2017 · 974 posts · 1k+ votes
6y
@Christina H. - Ok, that makes sense. I suggest you see each property and estimate repairs. I would offer $20k if total rehab is at $70k. If higher, I'd walk. The only exception is if rents are very high (we don't have any info on that). If total gross rent is around $3200/mo or higher, perhaps I'd look into it more.
@Tchaka Owen Thanks again! Rents in this area range from $500-$650 per month. This may mean for the 6 units gross rent range = $3000 (low) - $3900 (high).
@Caleb Heimsoth Thanks for your reply. I used Realtor.com, and the highest assessed value(s) I could find for each property - presumably when they were each in their "best" condition. Each property now is in rough shape to say the least, and many homes on the blocks are also distressed...The ARVs may be off somewhat - I didn't have the agent pull the comps. This was just my initial online research. I did contact the listing agent/broker by email to ask a list of questions (any liens, property tax, comps, vacant, monthly rent, condemned). And, as of today there is a verbal offer that has been accepted, and the realtor is just waiting for signatures. I asked to be kept in the loop in case that deal falls through though.