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Updated over 1 year ago,
Orange county multifamily
Hello all,
I got approached regarding a potential off market deal that I am trying to analyze.
Location is Orange County, CA. Blue collar area, not the nicest area but pretty good location that I am familiar with
7 units. 1 bedroom/ 1 bath
Gross rents 87000 but likely 20% undermarket
expenses
2400 annual utilities
4300 annual property tax
2000 property insurance
800) annual legal/property management/leasing
6000 annual repairs estimate)
7000 annual cap ex estimate
My question is, do I price it based primarily on what the CURRENT rents are? Market seems a bit hot still although cooling off and interest rates are pretty high. Current rents maybe put me around 1.2 million?
i still have further due diligence to do in terms of inspections, etc. But just want to gauge initial pricing before moving on..