First Multifamily Lakewood
We are under contract for our first small apartment complex in Lakewood suburbs of Cleveland north of Detroit ave. cap is around 7%
Asking is upper 400k
Neighborhood b- blue collar
Rents are around 7k
Wanted to get an opinion from experts is it a good deal means are we paying market Price? What should be due diligence except below
1. Inspection
2. Checking of proof for the financial p&L verification of proof like utilities etc
3. City violation
Any more things we need to verify? Any suggestions and guidance will be greatly appreciated.We have done sfh& less than 4 unit many times but this is the first time considering apartment building
Thanks for your help in advance