3 unit 210k analysis
Hey Guys-
Let me know your thoughts. 3 unit with with market rents of $2700, higher if a closet is added to on of the rooms which is now used as a double parlor which already has pocket doors in it.
Units are in average-slightly below average condition. Mostly cosmetic. A lot of painted paneling and drop ceilings. Cabinets need painting and new hardware etc. Upgrading appliances would help too.
The good news is the hot water tanks are all 5 years old or newer, all separate as are the heating systems which are 10 years old roughly. The house has plenty of parking and vinyl sided. Roof isn't in great shape, but has plenty of time left in it.
I'm thinking if I can grab it for 200k, then put 10k into it for appliances and other minor cosmetics I won't do too bad. REALLY thinking making the units all 3 bed and rent jumps up to 3k. 5 years ago this place would be 130-150k, but someone paid 300k peak 2003.
Big things for me are parking, vinyl siding and windows and separate gas systems, all of which this place has.
Thoughts?