8-plex - Should I pull the trigger?
Hello. Here are some short specs on a possible property I am considering. Please let me know what you think.
- 8-plex in a lower-income neighborhood, no issues keeping it rented.
- New elec. and plumbing + some other upgrades like a newer water heater.
- Just passed 3-yr borough inspections
- Tenants pay electric (all metered out), Landlord pays utilities.
- Gross Rent/Year is around $55,000 ($4583/mo; $572/unit)
- One unit on the 1st floor could be converted into a store front (I'm thinking small laundromat for the 8-plex? Nobody has W/D.)
- Asking $290K for the place.
- Near the downtown square - the town is undergoing a revitalization currently and there is a 12-story highrise going up in the next few years just one block down the road.