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Real Estate Deal Analysis & Advice

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Brian Miller
  • Rental Property Investor
  • Philadelphia, Pa
7
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15
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Need 2nd opinions on 4plex

Brian Miller
  • Rental Property Investor
  • Philadelphia, Pa
Posted Jul 31 2020, 18:07

This 4plex is in Philadelphia and the owner wants 269k. Gross rents last year were $31,200. It needs roughly 40k in rehab to increase gross rent to $37,200. It also has 2 garages that can get $125/mo a piece but were not rented. The numbers look good but the property only has 1350 SQ feet total which makes this property 207/SQ foot when the average SQ foot price for the area is 135 SQ foot.Will this cause a problem for building future equity and refinancing in the future with the SQ foot price being so inflated? 

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