First deal, mixed use, 3 lofts, 1 level retail

[Chad McIver]

Property is a foreclosure in a historic city, with plenty of traffic. Asking price is 400,000. 7000 sq. feet.

Building is 3 levels.

First level is retail space that is currently rented at $2000, but lease is up in a few months.

2nd & 3rd level are lofts, that consist of 3 units. Current rents are $1000, $900, and $850.

Building has been completely updated within the past 5 years.

My plan is to move in owner occupied, live in one of the lofts and hold and find new renters for the retail space, which is rented below market rents for the sq. footage, approx 3000.

Gross Operating Inc $50400.00
Total Expenses $12234.00
Net Income $38166.00
Assessed Value Land $48750.00
AV Improvements $518280.00
AV Total $566850.00

Looking for financing now, and hoping to make make a deal on this.

Let me know what you think

:lol: