3 Family With an Auto Body Shop
So this is an interesting property I came across and I am looking to see what people's thoughts are on it. Its been on the market for 80+ days in a hot market, which is probably do to the fact that people see a red flag when they see auto body shop.
I am waiting to hear back from the agent on some things that are unknown at this point, but this is what I do know:
-Residential 3 family recently renovated and fully rented.
-unit 1 is 2 beds 1 bath rents for $1300/month
-unit 2 is 1 bed 1 bath rents for $750/month
-unit 3 is 1 bed 1 bath rents for $725/month
-Gross opp income is $59,700 per year
-taxes $11,840
-3,527 SF
-however there is also an autobody shop on the same tax deed that is currently rented
-i dont know for how much or anything other than that, this is all the listing says, "Here is the 10% return you’ve been looking for!! Walden 3 Family plus Auto Body shop. All units fully rented with very positive cash flow. Home is recently renovated and in turn key condition. Body shop includes DeVilbiss spray booth/bake booth, paint mixing system, high end air compressor, frame machine, and more. POSSIBLE PRIVATE FINANCING!"
As I wait to hear back from agent on some key facts that are missing, anyone have any thoughts? Or any questions I should ask the agent? Any help would be appreciated.