What do you guys think about this deal?
Location is in Hammond, Indiana; Distressed sale; Free and clear
$2.85M ; $1.8M repairs ; 42 units plus 20 units and a free land in between (parking or build more units)
42 units has 15x1 bedroom and 27x studios , 20 units has 12x1 bedroom and 8x 2 bedroom units
The 20 unit needs its walls repaired. City wants it remedied or it will be demolished ($30-35k)
Bought in 2021 but partners ran out of funds to fix. NOI is 0. Not been rented for a couple years
Contractor confirmed that it takes about 20-25k per apartment for repairs and updates. They will provide name and number