6 Plex Fort Worth, TX - Community Feedback

[Tyler Faubion]

First time poster, long time BP lurker:

6 Plex in the best submarket/best school district in the city.

-In place rents of $4,515 - .67cents /psf

-Stabilized rents $6,800 - $1.02 / psf - (this is conservative)

-Long time owner with a low basis that hasn't raised because of the 'hassle' and the renovations required in order to capture market rents.

-estimating $7-10k / unit in reno costs to capture market rents.

-Up front equity $150K; deferred equity of $50-60k for renovations

-Private family loan at 4.5% 30 year ammo 2 year term.

-Stabilized Annual NOI of around $50k after renovations.

What exit cap rate should we assume when selling the property considering this is a well located apartment?

We're putting in an offer tomorrow and hope to get under contract soon after. I'd love to hear the community's input on offer price and other pitfalls to look for.

I'll update the thread if we get under contract and update everyone as we go.