Would You Take This Deal

[James Hiddle]

I came across this a few days ago. It's a 90 unit apartment complex. The owner is in pre foreclosure due to a high vacancy rate(50% plus 5% concessions). If he doesn't get rid of this than he will be foreclosed on and the current lender is not accepting any short sales at all.

Here are some numbers:

Asking Price-$1,323,000
GOI-$653,760
Annual Expenses-$313,953

What would you do with this deal? Toss it in the trash or come up with a plan to increase the occupancy? By the way the owner is an out of state owner.