Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago, 03/13/2018
New member ready to start!
Hello everyone my name is Kevin Starkey and currently a Law enforcement Officer in Indiana and new pro member to BP! I have been studying real estate and following BiggerPockets for about 4 years now. I have been kind of stuck in analysis paralysis and keep passing on deals. Well I came across one that I am curious on everyone’s opinion, the number make since but my biggest concern is vacancy for this property.
The reason vacancy is my concern, it is in a very small town(approximately 2500 people), the next closest city is about 10-15 min away of about 55k. That city has the potential to grow due a rich city next to it is growing aggressively fast, but at this current moment the city is not in a great financial situation.
The property is a 6 units apt building in decent shape.
Listed price of 119k and has been on the MLS for over 200 days.
5- one br one bath units rents for 350
(Usually don’t like 1 br, but in this small town I think it might be better for filling)
1- three br 1.5 bath unit rents for 750
All units separately metered
All units are currently filled with everyone on month to month lease and one unit has a live in maintenance employee.
Taxes are approximately 2300/yr according to the accessor.
Any advice/concerns would be greatly appreciated!
Thanks again, I am so excited to finally officially be apart of this community!
K. Starkey