Please analyze my multifamily deal
I purchased a parcel already with a variance for an apartment built. Recently I got the appraisal back.
The ARV stabilized value is $3.35 million
I paid out of pocket for the land and Design/engineering after LTC my loan will be $2.34 million
it is 15 units at on average $1400 per unit.
Due to my lack of experience in multifamily builds i have no idea what it will be tax assessed as though the area is a 2% tax.
There are only 5 5+unit buildings in the entire major city area. Since I consistently doubt myself I can't see the forest from the trees at this point as I'm about to sign the dotted line.
the tenants will pay electric and water, there is no gas.
this is a Midwest conservative state.