Buying rental property next to auto body shop
Hi Bigger Pockets community,
First off, this is my first post here! I'm a new investor looking to invest in small multi-family (2-4 unit) BRRR properties in the Portland Metro area for under $400,000. I'm currently eyeing a listing that's in a good neighborhood in an up and coming area, but it's next to an auto body shop, and there is a fairly large apartment complex behind it. It's older construction (built 1906, no rehab info available in the listing or public records) and it will need to be updated. Also it's been on the market for almost 30 days, and they have already lowered the list price by 6%.
On the surface it looks like a decent price for the area, but I'm wondering if it should be priced lower considering the surroundings and the condition of the property.
Do things like being next to an auto body shop and a large apartment complex affect the amount that I'd be able to ask for in rent? And any advice on making an offer? I'm considering having my agent write an offer that's about ~76% of the asking price with an inspection contingency.
Also any advice on finding out what work has been done on it?
Thanks!