Updated over 10 years ago on . Most recent reply
Question on a 6 unit property.
I am brand new in this field and am just getting ready to start investing in properties. Now there is this seemingly great deal close to me, but I'm starting to wonder some things. It's been on the market for over 60 days, they are asking $179,500 for a 6 unit building, which appears to be a big old home converted to an apartment of sorts. It's 3,788 square feet, 3 floors including what appears to be 2 basement apartments, and 3 bathroom.
It's not listed as such so I'm not sure but it appears to be almost dorm like as in each floor would share bathrooms. It's a 2 minute walk to a very nice all female college. It's in one of the nicest areas in the city where some homes next to it are valued at up to $500,000 with the same square footage.
Now being that it could be small studios with shared bathrooms and rental prices in the area, I'm thinking I could at minimum get $450 a unit, which would include weekly maid service to clean all the common areas like the bathrooms.
But heres the thing. The public records show it listed as a 3 Unit apartment not a 6 unit place, so what kind of a headache could that cause me if I went ahead with this?
Does this sound like something to be pursued or should I be running far far away from this deal?
BTW, here is a link to the property:
http://www.trulia.com/property/3193774477-540-Glen...