100% vacant 20 unit apartment

[Steve Yoo]

Hi everyone! I looked at a 20 unit apartment building. Currently it is 100% vacant. The area is developing and I am assuming in a couple years the area will go up in value. The city is building a huge park, stadium and public transportation is with 2 miles. The apartment is vacant because there are plumbing issues and not suitable for tenants to live in. The landlord is not making any money except paying expenses. He is asking 260k. Each unit will rent for approx $550-650/month. Renovation will be approx 200k. I don't know how to value this property and if what the current owner is asking is worth it. Any feedback would be very helpful. Thanks! Steve