Looking to Acquire 12-Unit Multifamily

[Noah Andrews]

Hi everyone! I am currently looking at this 12 unit multifamily deal in Miami. I plugged in some numbers for the property to get a rough estimate of what I am looking at, but wanted to know what you guys think. I used Lendlord’s “Invest” tool, which was pretty useful if any of you were wondering.

[Scott Mac]

Some of my non-numeric random thoughts about this building.

I like the H layout--breezy, lots of windows.

is there living on site manager/maintenance (???), are you keeping that person/couple in their jobs (???)

Parking (???) Do they park on the green lawn lot (???) I don't see 24 spaces (for 12 units).

On street parking(???) Regulated by the city in any way(???)

Nice tall ceilings for the summer heat.

I don't see any HVAC on the roof--are there window units or sleeve units (???)

Why is the wiring in steel conduit; is the building cement block to withstand hurricanes (???)

What is it's hurricane damage history (insurance costs, move outs due to damage, large out of pocket expenses, etc...)

I only see one dumpster, is that sufficient for 12 units (some demographics have so much disposables that they tend to overflow the dumpster....how many times is it emptied per week and is that sufficient to keep debris and garbage from overflowing--because someone has to pick that up--the trash truck men do not. 

How does the current management dispose of discarded mattresses and furniture--they fill a dumpster very quickly(???)

In short, will you need another dumpster, or more frequent service if you have no onsite maintenance tech to help pick up overflow and put it in the dumpster after it's emptied?

Can/should that maintenance shed be converted to a laundry room?

Is there a nighttime homeless problem in the neighborhood with trespassers snoozing on the property making the renters feel uncomfortable.

Good Luck!