Value add deals for small apartment building still there?

[Vincent Chen]

New to apartment building investor and would like to employ value add strategies to build equity and wealth,cash flow should be positive.

But my main concern is to build equity and wealth.So my target should be mom and pop properties,but as far as I worked with different brokers and research different market,it seems this kind of properties are really difficult to find.

Any experienced investor can share insight here?Or anything I miss here?

Thank you

[Mike Dymski]

@Andrew Elmasri

Below market rents - get the rent roll from the broker/seller and compare it to rentometer.com and your study of the market rent for that property and location

Overgrown or not maintained landscaping - easy to spot

Deferred maintenance on the exterior facade - easy to spot

No online presence or marketing (word of mouth or signage only) - google search for the property...see if vacant (or not vacant) units are marketed (usually on hotpads, trulia, zillow, web site, and many other sites where landlords market.  Also ask the broker/owner about their marketing.  I got an answer of "phone book" one time.

All white interior paint schemes - see this during your walk through

Dated lighting and plumbing fixtures - see during walk through

100% occupancy (can suggest below market rents) - will show on rent roll and trailing 12 month P&L

All rents in increments of $25 (a lot of money to be made in smaller increments) - on rent roll

2 - 10 year residents at rent rates below new tenants - on rent roll

No late fees in the P&L - on P&L

Self maintenance - ask owner/broker