Would you consider this deal?
Hello all-
I looked at this property today listed for $30k. The property has 4 units, each unit is 2 bd/1 ba. Each unit can be rented out for at least $550/mo with owner paying the utilities. I plan to hire a property manager @ 10%. However, the biggest issue I see with the property is TAXES!!
The taxes on the property are $8k/year. The property's total value was assessed at $189,200 as of 11/14/09.
The property doesn't need much work, no more than $15k before it is ready to be rented out, so on paper it looks like a great deal except taxes. Do you guys have any opinion on this? I am really confused with this. Do I have a shot at appealing the taxes given the fact that the property was assessed as recently as Nov 09?
Thanks in advance for all the help. As always, much appreciated.
