Killeen, TX 8% Cap 46 Unit Apartment Buildings Class D+
Hello BP Community!
I have recently gotten 2 offers accepted for 2 apartment buildings in Killeen Texas zip 76549.
As part of our market analysis, I wanted to get feedback from locals or seasoned investors. I am trying to understand the demographics, market rents, crime rates and overall market appreciation or opinion. Is this an up and coming area or too big a hassle for long-distance investors? Am I in the right zip code or should look elsewhere.
We are purchasing these buildings long-distance thus our minimal knowledge of the area. Everything we know is directly from online resources.
Break Down:
8% Cap
35% Vacancy
46 Units total
14% COC with leverage
39% ROI no leverage
No property management in place
Units need to be updated
Close to Military Base
Looks like a high crime area
Potential for 50% + returns at 100% occupancy