Analyzing Our First Complx

[Andrew Gearhart]

We have been buying single family houses, and have wanted to break into buying a complex. I want to make sure that we analysis the deal properly and would love any help or other threads I need to review for help!

2 complexes in low to middle income areas that are improving (Birmingham, AL)

1) 10 unit with separate water meters, pitched tin roof, all electric and fully leased. It doesn't have W/D hookups onsite and rent is on par with the market.

2) 20 unit complex NOT separated water meters, electric, in unit W/D roughly 90% rented but rents are below market by 20% and not profitable based on expenses.

Whats the best way to evaluate these places and important documents to request from the current owner to review, important numbers to consider as move forward or walk away.   

Thanks!