Tricky Deal. Help Needed!
Myself and a business partner are new investors who stumbled across what we think is a good deal and we would love some of your input on whether or not this is a good deal. The property is listed at $47,000. It is formerly a 4-plex with 4 beds and 4 baths, which is fantastic for this area and would be a huge selling point. We would like to turn it back into a SFH. The assessed property value dropped from $118,500 to $47,500 last year due to the condition of the building. The property is located in a lower income level, but is a block away from a brand new CVS, new strip mall, and a bus stop. In addition, there is a vacant lot adjacent to the property. We would like to flip the property but are concerned that the surrounding houses could decrease our eventual selling price. The median house value for the neighborhood is $90,000. There is also a 5 year tax abatement on any taxation increases incurred on capital improvements.