Bird's Eye View
Hey Trevor I'd like to follow this post, I've been looking in Tucson as well. AS for your property just out of curiosity did any of the following apply or get addressed?:
Sewer line inspected?
How much for central air, would it improve rents or too much expense for the rent you'd get?
Is the realtor you're using familiar with helping investors and purchases of multi units or a general agent?
Best of luck Trevor!
Seems low on roof and prop management but that is northea$t me talking...
Rent to purchase price looks fine to me in this market with 1200 in rent and roughly 125K total cost.
If you are a long term buy and hold thinker id roll with it...
Airbnb same old story - can prob get better returns... but you will work for it.
@Gregory Jelvik hey greg... always trust the local knowledge... however I stayed at two airbnbs this past winter in old P.. both within a quarter mile of that address... #tucsontourist
If the numbers hold true (which I think you have valid reason to think so) the deal looks good. The area is not bad and although I'm not too sure about the Air BnB, it wouldn't hurt to try. An Airbnb that I stayed at was in a 'local' area, but it was close to downtown and the Bnb was really cheap, so you may have an opportunity there.
Thanks everyone for your feedback! The property is pretty neglected right now but I have high hopes for it after we get all the deferred maintenance and renovations completed. What do you think of the area in general? To the north there are some rough patches but that area seems to be gentrifying from what I've seen.
@Jim Sestito we are getting estimates from multiple contractors to make sure we are sticking to our budget. Property management will likely be closer to 10%
@Naftali Tolibas I am considering using one unit as an AirBnB. Others in the area have told me they have great luck in that area, but I'm unsure if I want to be actively involved in AirBnB or go the more passive route with a long term rental.