New 4plex in small c class area

[Brian R Schlosser]

I'm considering a 4 Plex property in a poor area.

This is what is known about the property:

-Brand New (unfinished) building

-Building project was abandoned for whatever reason and has sat vacant for years.

-Structurally appears fine as all siding/windows/roof etc that would protect it from the elements were completed.

-Estimated work to finish $80k, this includes kitchens, flooring, outside HVAC and hot water heaters

All in estimate on the project is about 220k or less. All 3br 2ba units, estimated rent is $700 month (conservatively).

My major concerns are as follows:

Small working class area

Mostly run down/older homes

Limited sales/comps for 3-4 unit properties especially new ones.

Tough to get a good estimate on the finished arv.

Cash is king...do I want 60k tied up in this property even though it should cash flow well($300/door)

Will certainly be the nicest property in the vicinity

Brand newish so little maintenance/capex initially

C class area but not d

I'm a str investor In a neighboring vacation rental market and have done very well but looking to diversify.

Ordinarily I probably would not consider this area but the new building and cashflow potential has me extremely interested.

If all things were equal and this property was in my town I would do it. (Property is about 30miles east of me and will be self managed)