12 Unit Apartment complex, What to Offer????
Can I get a little advise here,
There is currently a deal in my home town that is apartments. There is 3 buildings with 4 units ea. So a total of 12 units. Here is the deal it is listed with a realtor, of course the asking price is way of its league in my town.
The asking price is $320,000... The local county appraisal for all 3 buildings is right at $195,000, this may be a little low, but I wouldn't think much.
The units are currently renting for $350.00 a month 2 bedroom 1 bath (all of them) and water is paid on all units. The owner of the property is in CA, so I haven't contacted him yet.
I kinda wanted to get some ideas from you guys/gals on what a good offer would be. Of course it needs to be low. I know about 2 or 3 years ago they were sold for $120k. I was thinking of offering about $150k.
I will also have to do some research on why they were sold 2 times in the last 4 years.
Any ideas would be great.
I think I can get the rents up on the units to around $450.00 a month