16 unit multi family in Waco Texas
So this deal is as such:
545k, plus 19k to the wholesaler.
14 units of efficiencies, 2 units of two beds.
2015 gross was 101k, plus 4K from laundry coin machines.
NOI was 61k, landlord pays all utilities for the efficiencies, though they are separate metered for electricity.
Location c, class c.
Rents are slightly lower than market.
Efficiencies are charging average 550, two beds are at 575.
Just did the inspections yesterday, no major structural or roof issues, but definitely deferred maintenance in all units, bathtub are in horrible shape, tiles falling off the wall, carpets are nasty and the floors are very old. Fridge and stoves seem to be in working order.
Is this a good deal?
Need to put an offer in soon.
No room for price negotiation though.
Thanks
Most Popular Reply
@Huan Yang you might want to verify that there is a reputable property manager willing to take that on. I looked very seriously at a 24 unit complex in Waco that sounds very similar to yours, and I talked to at least 6 different property managers in Waco that said no, they wouldn't take it on, even though I have way worse stuff on the gulf coast and PMs lining up for my business there. Just a thought.