What would you pay for this 11 unit building

[Tim Cooper]

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