Purchased my first commercial property cash now what ?

[Josh Chavez]

Hello , So I purchased a small 2- possibly 3 unit commercial property on a very busy and visible street In Rochester NY , I got my hands on it from the Monroe county foreclosure auction got 25k but the catch is it owes 40k in City taxes which can be put on a payment plan ... My first thoughts was to remodel and upgrade the place , Rent it out as a barbershop on one side which it used to be and already set up to be one then run a Tire shop out of the other side (Already set up to be from previous owner) but my question is should I Upgrade it , maybe put another 20k in it and flip it with tenants in it already Bringing in cash flow ? I could easily get 1700 a month... 1000 for tire shop side and 7-800 for barbershop ... The actual building structure is 2800 square feet with a 3500 Square foot parking lot ... The city assessment is 70k but the pricing of commercial spaces that are zoned for Auto I believe is very high , I’ve seen a similar structure in a worst area posted for 185k , Soo some guidance would be nice from experience