What do you think of this deal
Hi, i am in a mid-sized town in Arkansas. I currently own a duplex and 5 rental homes around town. We bought our first rent house almost 2 years ago now. It was a bank foreclosure. Appraised at 60, paid 30. We used equity in it to buy number 2 and cashed out the rest of the equity.we have done this with each consecutive deal and reinvested the cash.
I recently came across a foreclosure I'm looking at. It is 10 unit apartment complex. It has a 15 washer/15 dryer laundromat on site, as well as a 3 bay coin op car wash with 6 vacuums. The place was built in 07. It has been empty since it sold 5 years for $560,000 fully operational. It appraised 2 years ago (closed up) for $280. The bank has been asking $199. I put in an offer of $170 and they accepted.
9 apartments rented at $350 one is tiny and rented at $200. Insurance/ liability is quoted at $5000. Taxes are $3200. Mortgage will be $823 monthly.
What are your thoughts on this deal? I have no clue what income to expect from carwash or laundry.