I am really interested into investing in apartments and multi family homes. I have found a deal but am not sure if it is good. To me everything checks out but I am curious if I am missing something or need to ask for a different piece of information. Also, I am looking to do subject to financing where the seller will continue to hold the loan but my name will be on the property as well and then after 6 months, I will refinance and take over the loan with out having to put down a down payment. Does this seem possible? Is this property out of my league? It is a 36 unit apartment complex selling for 2.15M. Any advice would be appreciated!
It's a bad idea to name the apartment complex and the full names of every tenant. You need to edit those out.
It looks like $143k NOI for $2.15mm, or a 6.7% cap rate. I don't know what kind of C-class location this is, so I can't comment about fair market rents. This is not a good deal, but I do think one could improve the NOI by reducing the electrical utility expense and make the tenants pay for that.
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