Need help for financing and analysis for property ASAP
I'm looking to get financing on a deal for an apartment complex in Texas. It's a 153 unit with 1.9mil in assumable debt and it's being auctioned beginning at $300,000. The gross monthly income is $61,000 for the apartment complex. It’s a class c but with approx. $350,000 in repair and upgrades the property could easily become a class B and thus increase the amount of rent per unit.
Could you guys give advice on what else I should be looking for and how I could secure financing in such short amount of time. The auction ends in two days. Thank you. I just found this today and am eager to buy. (I'm also currently working up detailed property info so I know if the deal is good. I'm a searcher in Illinois so I'm trying to pull resources to figure out everything about the property including current owner and mortgage)