What do you think this four plex is worth?
Near Covington, WA in King County, 8 Beds, 4 bath, coin operated laundry. Half an acre lot. Baths and kitchens could use some updating. 50 year old building. Roof and plumbing appear to be OK. Has asbestos/popcorn ceilings.
The deal cash flows, but I am mostly concerned about price and not overpaying. It was listed at 550K and I won the deal in a day. Listing as on market for 3 total before pending. Listing agent claimed they had cash offers with inspection and other contingencies above asking price and asked for "highest and best". Like usual, I called what I thought was a bluff and they accepted the offer before it expired that day.
Comps for four unit houses are hard to find for this city, but from what I found on Zillow doing comps it was worth 526K. I'm not sure. The deal cash flows, but the kitchens and baths need updating (so did the one comp for a four unit I found)