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Updated almost 10 years ago,

User Stats

6
Posts
2
Votes
Reynaldo Aranda
  • San Antonio, TX
2
Votes |
6
Posts

Im receiveing a lot of offers on my property, not sure next step, need advise

Reynaldo Aranda
  • San Antonio, TX
Posted

I have a 6 unit apartment building 2 miles from downtown San Antonio.  Within the last year I have received multiple offers from investors. I have 5 years to pay mortgage off. I owe 49k, and receive $2500 in rents when full.  Building was built in 1900 (4600 sqft) so it does need some repairs but overall very well built. A full rehab would cost approx. 75-100k. Offers are between 145k-165k and county appraisal is at 170k. Comps were 150k last year but there has been a bungalow (1300 sqft) rehabbed on my street selling for 225k.  Once I pay off it would take me approx 10 years from today to make est 116k profit at the highest offer right now.  Any advise??

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