[Calc Review] Help me analyze this deal
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This property is a 6 plex that needs some work. Currently only 3 units rented for 1400 total and I am not sure of their condition. The other 3 units are gutted and basically need a complete rehab. My problem with this place is there are no comps and have no idea how much in repairs would be. The average rents in the area are around 3200. It is in B neighborhood. The building was built in 1925. I guess I will need a contractor to walk the property and give me an estimate because the numbers look good. I just don't want to overpay on the purchase price. Anyone have good strategies to determine the value of a property with hardly any comps? Does a house in the nieghborhood with the same square feet/bedrooms make a comp?