What A 10K 4 unit MFH looks like!

19 Replies

For 10k? Looks like a steal! 

Did you buy it?

What's it need?

What's it rent for?

It is going to need a new roof....

4 new windows

Kitchen appliances 

4 new entry doors

2 toliets...plumbing repairs

It should rent for 2k a month

seperated gas and electric

and the gutters cleaned!!

Sounds like a great buy.

That's a great deal.  Congrats. 

Good job! Curious on how you got it? (foreclosure, note purchase, short sale, etc. etc)

@MelvinMartinez It was on the MLS....no kidding....their is a 17 unit that borders this that is also vacant and condemed.....Listed for 74,900....then needs 100k in rehab......but will average 600 monthly each, next to that is a 6 unit thats empty....across the street from an elementary school! it would be a great sec 8 project!

@Stephan Haas

Good to see you were able to make a deal happen with that property.

Congratulations I hope you already have your offer in. 

@Stephan Haas If you get the chance, don't forget to put in a proportional Offer of $15k in for that 6 Unit property up the road (unless you think that's too much)! Good one...

Wow, sounds like a cash cow. Did you end up pursuing this project?  What was the total rehab cost? 

http://www.realtor.com/realestateandhomes-detail/7...

http://www.zillow.com/homes/722-Staples-Ave-Kalama...

@Stephan Haas

While the little bit of the interior shown looks decent, the outside looks like a lot of maintenance has been deferred. Also, this area doesn't appear too promising. Could be a cash cow, could also be a money pit. I hope you know the exact block & surrounding blocks very well. Caveat emptor. 

Since this thread is a month old, did you end up purchasing or passing, and why?

Its mine, it will be rent ready soon...I plan on siding it this summer, and a new roof. it will gross $2100 monthly....its not an area i would like to live, but someone will want to call it home.

Nice cash flow.  Probably very little appreciation, so as long as you "milk" the cash cow, no problem!

I like your thinking on this, and nice deal.. This looks awesome. Just a little TLC will go along way and I'm sure the tenants will love their new home.  Kudos to you!!

What about lead-based paint on that wood exterior?  One lead-poisoned tenant kid could take your entire net worth.  Fines from regulators can be huge.  best to spend a few dollars to have it checked.  $700 should cover a good consultant with an XRF perform the lead inspection, and you should expect a formal report with 275 readings, give or take.    

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