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I'm looking to get some input from those who are suited to give it. This buyer wants $350k for the building and will finance $100k. I have no downpayment. I have been managing apts for a couple years now by way of repairs and carpentry, for other customers, but have no rentals myself.
This property is in the town I live in (across the street from the house I just sold two months ago) so I know it well. It has:
5 'rooms' with shared kitchen and bath,
one basement storage area that he will continue to rent for at least 6 mos.
1 commercial office space that I am thinking of converting to 1/2 my office and 1/2 laundry room for tenants
All the units pay weekly which adds to the hassle of collection, but his past vacancy rate is approx 5%.
I am hoping someone can see something I am missing or ideas that might add to the income. I put in management fee, but I will be doing the management to start at least. It probably has about $15k in work to do over the next two years.
Any advice (run screaming/jump all over it) or ideas, are appreciated.
Caveat: I haven't been digging into real estate for about a year now so I have a lot of refreshing to do. I have been focused on my carpentry business.