Advice on buying a triplex
Is anyone familiar with the tucson market that can offer any advice?
There is a triplex about a block from U if A for $350k. I’d have to put in an offer sight unseen today. It doesn’t have any parking (realtor said that most tenants just walk to campus as they are students). It was built in 1908 and doesn’t have any major or high ticket prices items that need immediate action on. I could add value by adding on-site laundry/storage and updating the kitchens/bathrooms. Does anyone know if $350k for this seems like a good price? The research that I’m finding makes me think it is, but I wanted another opinion. Rents right now are $800 but after rehab and addition of on-site laundry, it could get $1000 each a month.
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don't forget to add higher cost of insurance if you are offering student housing!