Updated over 10 years ago on . Most recent reply
Apartment 45% below ARV after renovation
24 unit apartment complex all with 2b/1ba with 650sqft. Priced under $300,000 with $150,000 worth of renovations needed. The proforma suggest that if units rent at $650 month NOI will calculate to about $1,440,000. The complex is in a "C" area. After some internet due dilligence the first thing I noticed is there is pratically no parking. Just in the street. The major crimes in the area are larceny which no secure parking area can create. I also noticed there is no laundry facility or laundry room in units. Seller says thats normal there. Do you think that's enough signs to get out?
would a private lender touch this deal?