What would you pay for this 11 unit building
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