The Strip Joint Deal!
BP!
I have this area I think will be a great area in 10 years. Close to down town in my city, new public transportation (trains) and new corporate business like Target, Walmart, Wendys and Lowes have new business in the same area. The area has a nice urban feel to it. New boutique coffee shops and restaurants. Lots of apartment building development.
Anyways, I find a listing in this area for about 1/2 the usual price, great pictures the whole place redone, wouldn't need any work. I think! "This is my first deal!!!".
Details are:
SFH 3 Bed 1 Bath
Listed $114,000
Purhcase Price $100,000?
Rent $900 to $1100
The catch is the house is on a busy street and across the street from a strip joint! It is also squeezed in the middle of a BBQ restaurant (good food) and a large warehouse. By the way, in my area, numbers like this are REALLY good.
I like the deal I am just worried about finding responsible tenants that are willing to live so close to a strip club. Im trying to think of the potential tenants and Im not sure who they would be. Not a family or young professionals. Would have to be a single blue collar male?
Anyone have any experience with properties not necessarily in a bad neighborhood, just next to a bad business?
Do you take a deal with good numbers and great long term potentials but risky tenants?
Appreciate your ideas