8 Unit // OH, Cleveland // Fully Occupied

[Illan K.]

Good day to all my fellow members, 

I hope every one is doing well and in good spirits. 

I'm in the process of purchasing a 2 story, 8 Unit building:  2 Commercial Stores fronts on ground level, and 6 APT's on top. Currently fully occupied. Zip Code: 44102

I'm from New York, and when I see the asking price under 200K, I instantly get red flags for some reason. Thinking the return is to good to be true. 

Are there any key warning signs I should be looking out for, other than Violations, heater, plumbing, roof. 

I thank you for your time for any input. 

Regards, 

Illan 

[Roy N.]

@Illan K.

Without more data, folks will not be able to assist you in analysing the performance of the business to see if it makes sense.

When it comes to the building, budget to have an inspector and, if needed, an engineer thoroughly examine the property during your diligence.   You may also require a Phase One Environmental Assessment (EA) {which is predominately a paper exercise} depending on the requirements of your lender or the jurisdiction.

I would reach out to @James Wise to learn more about the neighbourhood to see if it is a place you want to be.  (he plays in that sandbox).