60-100 Apartment units possible with purchase of 6 adjoining lots
Colleagues!
In a hot British Columbia market in the Fraser Valley of beautiful BC - what filters/rule of thumb should we consider when consider purchasing four older homes (tear down and build a good size 4-6 story apartment)? (60 units 4 story or 100 units if 6 story)
What are some guidelines you would suggest as we evaluate this opportunity? There is almost zero vacancy right now in our area - of course, it would be some time to get things ready and build and have ur first renters. Are there some math formulas that help? - you can pay X for land to build e.g. 60 apartments or pay up to Y to build up to 100 Units? I know there are multiple variables on "what type of construction, amount you can get for rent, (here it would be close to $900 -$1,000/ month per 2 bedroom unit etc) - but on the land purchase itself what guidelines show I consider please? many thanks,
~Murray