@Kristopher Edwards I'm like the millionth person to say this but...those property taxes are low, I mean REALLY low. They're lower than a 14-unit apartment complex I saw recently whose property taxes stand at a whopping $38,000 and increasing (given, the owner still needs to appeal the assessment later this July).
And yes, I know it's Illinois but even so, less than $2,000 for an 18-unit? Oh man...
@Kristopher Edwards Also do you know more about the seller? How old are they? Are they selling because of management headaches? Do they have a partnership and their partner recently moved to another state and now they're facing difficulties? Why are they selling and if they can't tell you, are there any indicators of motivation on their part?
In the case that the seller is facing any of these issues or etc., you could pull off a master lease option, seller financing, etc. Just remember, commercial loans are not the only way to go!
After some research I have found what I believe are the correct property taxes at $9,421/year. I also did some more digging and found out the property was condemned back in 2016 for Landlord neglect and "slumlording" was used in the news report. Said there were bug infestations and squirrels nesting in the walls. Makes since why this flipper was able to buy it for $230,000. I am definitely learning a lot from you guys!
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