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Multi-Family and Apartment Investing

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Tim Cooper
  • Investor
  • Traveling full-time
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80
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What would you pay for this 11 unit building

Tim Cooper
  • Investor
  • Traveling full-time
Posted May 31 2014, 20:02

I have been looking at a 11 unit apartment building. All units are 2/1. I have not inspected any of the apartments yet, but the common area and grounds seem to be in pretty good shape, just needing paint & carpet etc. I feel with proper management and minor updates, rents could be $750+. I would say this is in a B area with a lot of rentals. Churches, hospitals, shopping all within 5 miles.

One thing I don't like and would get quotes on is splitting up all the heat, air, and water and have them separately metered.

  • rent $6875
  • Laundry $350
    • Advertising $75
    • Insurance $125
    • Management $700
    • Maintenance $700
    • Garbage $185
    • Electric $565
    • Gas $552
    • Water $366
    • Taxes $1060

I could probably put down about $6,000-10,000, and would try to get the owner to finance the rest of the down payment. If not I would look for some private money. Of course if I could get the owner to take the entire down payment I could use the money I have to start improvements.

Thanks in advance for any advice.

Tim

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