Shower Thought: Community Power Property Analysis/Discussion

[Sajan Jiva]

Looking at an off-market deal, thought it would be interesting to see how other people with different experiences analyze it, newbie to veteran. Would love to hear from all of you.

Details:

Located: Louisville Kentucky

Neighborhood: Three blocks off of one of the trendiest neighborhood in the city, 15% of the houses in the neighborhood are having A grade flips done to them.

Buildings: 2 Triplexs

A1: 2BR/1BA - $775              B1: 2BR/1BA - $800 (Vacant)

A2: 1BR/1BA - $700              B2: 1BR/1BA - $560

A3: 2BR/1BA - $550              B3: 2BR/1BA - $700

Owner is asking $225k each for a total price of $450k.

"Owner has done a great job renovating the interiors, refinished floors, new siding" - I haven't seen it yet plan on touring this coming week.

So what are you're thoughts, do you think I'm trying to  use you, do you think I shouldn't touch this deal with a 10-foot pole or calling your agent right now trying to find out where this deal is. 

Whatever it is let us know. Hope this post brings on some interesting discussion, I got a wedding to go to but I'll check back tomorrow to respond to comments and give my analysis on the deal.

EDIT: As I get more information I will add it.

[Jay Leisten]

Only possible gain is appreciation. Appears that cash flow will be very low after mortgage/interest insurance etc.