Buying 80 unit apartment complex in small 20k town- bad rep
Hey Everyone! I'm a fairly newer beginner in commercial type brrr units. Have done multiple brrr single family, but fairly newbie on commercial.
I'm looking at a 80unit complex in a small town of 20k. Previously a 120 motel, converted to mix of 1,2, and 3 br units consisting of kitchenes in each. The reputation on the property is not good and is known for having bugs, a death(stabbing 2 years ago) police and drugs involved. It's currently 40% occupied and being horribly managed. The remaining rooms need flooring, paint, or similar efforts to become rentable. They seem to be in decent shape.
I'm worried about the changing the image on this property, which I'm projecting to input 150k for part of a new roof, revamping the exterior and new signs(name).
any input or suggestions would be great! The cops and everyone on Facebook says it rough and the cops think I'll always grt this clientele.
Most Popular Reply
Why would you want to buy someone else's headache. Unless you intend to employ full time security you are fighting a uphill battle. Sounds like the nightmare trifecta, drugs, prostitutes and deadbeats. Hard pass brother.