Multi Condo Exit Strategy? $80K annual Gross Income package deal?

[Austin Mann]

Hello BP Members, hope everyone is doing well with their REI adventures.

I have six 2BR/2BA condos in a major metro area of central Alabama.

I recently moved to the country and may sell these properties as a package deal sometime in 2022.

All are under professional management and will be sold with the PMA and lease in place.

Remodels were 2 units in 2018, one unit in 2019, and three units in 2021.

Recent 2BR/2BA sales are above $120K, especially when used as a primary residence by their new owners.

Numbers are as follows:

#1) $1050/mo #2) $1050/mo #3) $1050/mo #4) $1150/mo #5) $1150/mo #6) $1200/mo

All six units gross rents = $6650/monthly or $79800 annually.

HOA = $225/mo per door, or $1350/mo for the package. ($16,200 annually)

Taxes = $1100/annually per door, or $6600 annually for the package

Insurance = $425/annually per door, or $2550 annually for the package.

Annual numbers are used for this calculation, annual Rents minus annual fixed expenses:

Rents = $79800

Less PM = $7980

less HOA = $16200

less Taxes = $6600

less Insurance = $2550

(Fixed Expenses = $33,330) so $79,800-$33,330 = $46,470 projected (ideal) annual net.

$46,470 / $79800 = 58.2%

Given the above figures, what would be a reasonable exit strategy to sell these with minimal disruption to my tenants, and max out the sale price?

Also, using the math above, what would you recommend for the ask price?

I had thought of using a commercial Realtor, and I might, but considered an auction as well.

Considered a BP Marketplace ad, and may do that because BP has been so helpful to me in achieving my REI goals.

Have had some interest from local REI friends in our community, and may work with them, but need to minimize trips through the units.

Access has to be coordinated through the property management team, and can get cumbersome at six condos.

These took me a while to put together, and I only get the opportunity to sell them once.

I'd love to tap the collective wisdom of our BP Community, to get it right the first time.

Thank you everyone, my warmest regards, and best wishes for your journey.