Too good to be true?

7 Replies

I know nothing -- so I am assuming this deal is actually too good to be true. But I am posting it here to see if I could somehow be right that this is pretty sweet.

Set of Downtown Atlanta Townhomes For Sale

Not the nicest neighborhood, not the worst -- lots of newer construction / single-family homes in the immediate area.

Purchase price $250,000

Price includes 10 units (each 2/2).

Built in 2008, no renovations needed (so the owner claims).

Hardwoods, granite countertops, stainless appliances.

Rents are 8-900 / unit.

Currently 80% occupied.

What do you think BP experts? Is this awesome, or is there something glaring that I am missing here?

Thanks for the help!

@Joshua Feit Get the rent rolls, leases, water/sewer bill and make sure he actually owns it (you know how that is in Atlanta these days)!!

No that is not too good to be true. Other than size, 10 units at once, that is the kind of deal I do. Often I can do better.

Could you be missing something? Certainly, the devil is in the details. But I would not be scared away because it is to good to be true. But you need to verify is it is true.

Read the site here about how to do due dillegence and ask more specific follow up questions.

I have been monitoring comps like a madman in Metro Atlanta. I don't think you can find a legit deal with 10 unoccupied properties that need rehabbing for that price, nevermind 80% occupancy and no work.

Sounds like a bogus asking price on a short sale situation, particularly being built, and assuming purchased, in 2008. But, do let us know.

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