Take this advice for what it is worth. If you are new to real estate investing, that many units may be too much to handle. A LOT of work and systems need to be in place to handle that many units at one time. Not to mention the cost of that property being quite high. I understand that the rent is a little low, but you are going to be in over your head if you don't have a STRONG foundation.
Look at other deals, I suggest smaller multi family units to get started. try and house hack a tri or a quad.
Dont hesitate to reach out if you have any questions!!
@Mark Tallent - I don't have numbers to run, but the description sounds like a strong investment opportunity. Assuming it is already marginally cash-flowing, it has room to grow and improve. The best investments are ones where you have a plan to improve, and a way to leverage the property.
That said, there's a lot of improvement and work that you listed in order to make this a solid investment. You'll need to handle hard money lending, rent increases / tenant replacement, construction management or sourcing, and general property management. If you don't have a lot of experience in each of these areas, you'll be attempting to learn a lot all at the same time.
If you an find a more experienced investor in your local groups that wants to take this project themselves and mentor you through it, that might be a great option.
My concern is that this would be too much too fast, and that you aren't setting yourself up for success if you go into this large of a project as your first.
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