Feedback on Apartment Rental Building
Hello,
Im looking for some feedback and thoughts on a 6 unit apartment building that Im looking to at for a long term buy and hold. The property is located in Fairview Park. Outside of Cleveland. All units have been updated. Consists of:(4) 2 bedroom units and (2) 1 bedroom units. Most leases expire next year. 1 unit just went vacant, is rent ready and can be placed.6 garage spacesTurnkey unitsNew hwt’s, 1 new furnace.75% new windowsHardwood floors
Electric panels inside units are fuses. 5 furnaces are older. Currently owner pays utilities on executive rental, which I would turn into normal long term tenants. There asking for 450K
I've been pre approved for a mortgage on the property costing about 2,200 a month at around 7% interest rate.
The potential for the property is with increasing rents and cutting the expenses of the building. My current CoC return would start at 3% with potential to increase with those changes made. Please see pic below
Thank you and looking forward to hearing from you all