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Updated over 8 years ago,
Is this a good deal.. please help
I am sure this maybe a small venture for must but i am hopeful in getting some advice on this Comercial deal..
It has 6 one BR apartments and 2 store fronts. Each unit has its own electric ht/hw, so tenants pay their own utilities. In a downtown area, however its a depressed area with high substance abuse in the city. However i do believe things will turn around eventually.
The buy in for 50 percent ownership is 50K.
The property is almost fully rented however i am concerned with who the tenants are..
Property could use somewhere around 20k of work..
The property was recently listed at 400k for 6 months but did not sell.
Rents are $600 including the store fronts per month..
My concerns are no parking..
Rough part of downtown.. but i still like tje location.
Does this sound like a good by in?
The balance of the mortgage is 320k...
The owner seems to have purchased way over value at 450k a few years back..
I part of the partnership would be me doing most of the property mgm.
The mortgage financing is already in place and at a great rate.