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Updated about 4 years ago on . Most recent reply

User Stats

23
Posts
4
Votes
Robert Coomer
  • Real Estate Consultant
  • Memphis, TN
4
Votes |
23
Posts

Apartment Building Question

Robert Coomer
  • Real Estate Consultant
  • Memphis, TN
Posted

Hey Everyone,
I just found an apartment building for sale at what I think is a great price, but I would like a second opinion. Here is the information:

List Price: $345,000
Units: 16, All 2BR 1BA
Rent Price: $600 per unit (low estimate)
Taxes: $6,890 per year
Insurance: Approximately $12,000 per year (estimated $800 per unit... is this even close?)

I am very familiar with single family residential homes and have been a wholesaler for a while (over 12 homes last month), but I have never invested in a multi unit building. What other costs am I over looking and would this be a good deal?

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