COOLEST Multi-Family Property in DC - Need some opinions

[Michael Wayne]

Hey BP - 

Came across this one on Ten-X last night. It goes to auction in 4 days, but I can't help but think it is the COOLEST property:

- 1/2 mile from the Capitol building in Washington, DC

- 13 units: ten 1BR/1BA, one 2 BR/2BA, and two 3 BR/3BA 

- 100% vacant so rehab would be a breeze 

- Starting bid of only $1.2M

I'm brand new to real estate, so I don't have the means/experience/ability to try and move on this property in the next 4 days, but maybe one of you do so I'm passing it along. 

I'm more interested in what your approach would be on a property like this. Has anyone ever bought a multi-family form auction before? What are some of the head aches/risks involved in that process? Any red flags you notice about this place? Does your gut tell you its under priced/over priced? 

Link: https://www.ten-x.com/commercial/listing/133-7th-s...

All the best,

Mike

[Russell Brazil]

5 words to consider

Five million dollars

Rent control