Investor · Franklin, MA · Member since 2015 · 47 posts · 22 votes
Located in Mt.Bernon area of Woonsocket. Big Legal 7 unit surrounded by nice singles and doubles well taken care of neighborhood (rare in Woonsocket). Building has what tenants want = Off street parking appx 9-11 spaces. On site coin ops in basement. Separate storage for each tenant . Nice neighborhood near good elementary
4 units in front are large with 2 beds and double parlors, 3 in back are 2 beds single parlor.
Current rents are $850 could easily be more Fair market rents are appx $950 Woonsocket section 8 allows $1010 for 2 beds $1250 for 3beds. All units could be made into 3 beds. 2 empty units being renovated have New insulation, walls, wiring and windows . Still need kitchen and baths finished.
Will need a roof soon . Not leaking but shingles starting to go. Buildings not perfect (needs mostly cosmetic updating) but with a little work can be a Cash Cow ! 7 units at $40k per What a deal!
Can you furnish more details on this deal. I am looking for income and operating statements. Taxes and lease terms . Any opportunities for creative financing, and cost of repairs if any. Also if you can some comps within the immediate neighborhood and pics of the interior
7 Units 4 in front are double parlors that can be easily (inexpensively ) converted into 3 beds -2 done already = $1100-1200 from section 8 each =$4400-4800 for those units then there are 3- 2 bed units that should bring $900 - 1000 per =2700 -3000 totaling $7-8000 month gross.
Building needs updating but if you just wanted to cheap it out you could finish for $10-15k + cost of a roof or repair
I hate to sell but I'm cash poor and its costing me money being broke