Updated over 7 years ago on . Most recent reply
Akron Buyers - Need helping pricing this 8 unit in Middlebury
Hello Akron Investors,
Can I get your opinions on a deal that just came across my desk?
It's an 8 unit in the southern part of the Middlbury neighborhood. The current owner is out of state, tired and just wants to get out of it. The property is severely mismanaged. Here are the numbers:
- All Rents are $150 to 200 below market.
- 2 units are currently vacant.
- Current NOI is: $6k (If that much)
- Potential NOI is: $27K (After rents are raised and OpEx are decreased to 45% - In 2017, they were 90% of GSI)
As an investor, what do you think would be a good price to pay for a property like this in this neighborhood? Or based on the neighborhood, should I just stay away entirely?
Thanks for your feedback on this one.
Todd