Updated almost 19 years ago on .
5 Units/ 2 Properties
I need some help analysing this potential deal. I can buy direct from the owner; two adjacent properties. Do I buy and flip, or rent and hold?
3 family (brick) 5-5-3, 2bds, 2bds, 1bd--Gross $1650
2 family (wood frame) 5-5, 2 bds each, Gross $1150
The 3 family needs roof repairs, facia, soffit.
The 2 family needs siding, or scrapping and painting, and 20 windows. The rear of these adjacent properies should also be paved. Parking for 15 cars. Fairly small area. Lets assume there is less than 3k interior work in each building. I know all 5 unit have newer hotwater tanks and boilers, all were replaced in the past 5 years. Also, electrical sevice to both props. was just updated 5 months ago. So, I plan on putting little work into the interiors
So, should I buy fix, and turn over. Or repair and rent?
What is an attractive purchase price for either strategy?
Individully, the ARV for the 3 family would be $130-135K, and the 2 family $105-115K.