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Updated over 5 years ago on . Most recent reply
How to evaluate this dilapidated foreclosure multifamily property
This is the property in question. I'm not going to bid on this specific property, but wanted to get feedback on how to evaluate capex costs for a property with no access to interior. Back of the napkin math:
Nearby fourplexes selling for around $200k. Rental income somewhere around $650 x 4 = $2600 / month. Pretty solid cashflow. Now the big elephant in the room is that the listing price is $76,960, BUT there's no access to interior. So how am I supposed to figure out what the cost would be to get the property in rentable shape? Anyone with experience in rehabbing foreclosures have a ballpark estimate?