Investor · San Antonio, TX · Member since 2017 · 8 posts · 2 votes
I'm looking into buying my first apartment in my hometown of San Antonio. I have done several SFR flips and have a couple of rentals. The apartment is a 10 unit building that has been vacant for 3 years and has been vandalized. We are estimating a $120k remodel to bring it up to standards and code. Since you don't have any historical records for rent and expenses, does anyone have any recommendations on how to quantify/estimate these numbers. Thanks!! Joe
Real Estate Agent · San Antonio, TX · Member since 2013 · 153 posts · 132 votes
8y
if it's been vacant that long and you need 10 kitchens and at least 10 bathrooms your estimate of 120k is going to be a lot higher. What you can do is have an agent Compu out rentals within a mile radius to see what it would be to rent out. In addition you can also see what's old and multifamily within about a 5-mile radius and always of course use the 1% rule to calculate the arv. I'm an agent here in San Antonio so if you have any questions I'll be more than happy to help you
Real Estate Agent · San Antonio, TX · Member since 2013 · 153 posts · 132 votes
8y
if it's been vacant that long and you need 10 kitchens and at least 10 bathrooms your estimate of 120k is going to be a lot higher. What you can do is have an agent Compu out rentals within a mile radius to see what it would be to rent out. In addition you can also see what's old and multifamily within about a 5-mile radius and always of course use the 1% rule to calculate the arv. I'm an agent here in San Antonio so if you have any questions I'll be more than happy to help you
Real Estate Agent · San Antonio, TX · Member since 2017 · 104 posts · 89 votes
8y
Joe,
Check out Rentometer for rental comps or as stated above a knowledgeable agent. Can you get a general contractor in the apartment to get you an estimate for makereadies on the 10 units, foundation and roof repairs if needed? If you need a good contractor, let me know. Contact PermaPier to shoot elevations, they do it at no cost and will also provide an estimate.
Rental Property Investor · Mountain View, CA · Member since 2015 · 73 posts · 17 votes
8y
Best of luck I try to see the potential in things but my first thought would be why in this age of property rush in TX, would it sit for 3 years....how many other investors passed this up? and what did they know that you don't?