You opinion 20 units 1 million asking price

[Mike Albani]

I am looking at a property (garden apartments) with 20 units, 100% rented. Gross rental income annually is $174,000. The annual expenses are listed as $71,400. 

The apartments were built between 2000-2005. 

I was wondering if any of you have any ideas about this investment opportunity. 

Thank you, 

Mike

[Brent Coombs]

1. "The area is very quiet and rural". 

2. "20 units, 100% rented".

I would have thought these two statements don't normally appear together.

My next question: what does $50k get you nearby, if you were looking for a single small home instead?

(But that may be an unfair comparison, depending on the value of the 100 acres of vacant land included with this).

You wrote: "Annual expenses are about $72,000 per year. That includes electricity, maintenance, insurance, water, taxes, management". That figure looks low to me. Have you verified? eg. Have you got proof of annual property Tax?

Getting 1.45%/m gross rent is GREAT for some areas, but NOT great for other areas. Which is it, there? My 2c...