not too bad, I dont think
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
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!
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?
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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