Possible deal
Need advice! I came across a 12 unit apt building that has been unoccupied for about two years or less. In that two years it has been stripped of values materials. It is going to have to be gutted and redone. It is brick so that its the only thing that does not need repair. Will need windows, elect, sheetrock and bathrooms redone. I happen to be able to get in to it today to look around briefly. It is 51-100 yr old. 4450 sq ft building 12 units. Gravel parking lot. It is in the middle of a couple of areas that are known for drug use. Buildling itself had shootings in front of it a couple of years ago. Wife says no, but I can tell she is debating it in her mind, I would like to do it to try and help start/continue developing the area. There is some developing going on in the area. New apartments in gated areas. $45000 appriased in 2005 for about 225000. Do you pursue the purchase?