Updated over 8 years ago on . Most recent reply
Apartment Building Inherited Tenant Below Rent
Hey all! My brother and I got a great deal on a 5 unit in Phoenixville PA. All units will be vacant when we purchase next month except one. The owner recently signed a lease with the tenant for $600 a month. Market rate is about $800. This normally wouldn't be that large a problem but we plan on rehabbing renting and refinancing this property (BRRR) and this will affect the appraisal value. Thoughts on what we can do? Purchase price is 300k, we will put 60k into it and it should appraise for 500-600k. Thanks!