Lubbock multifamily, market strong for non-students?

[Ivan Mares]

We're looking at a Multi-Family in Lubbock. Definitely a C-ish property. I read somewhere to stay East of Ave Q and this sits only a few blocks east of Ave Q. Current tenants seem to be slightly lower class and rents are at 400-475 for a one bedroom that hasn't been remodeled since it was built in the 70's. My question is, what's the market like for non student occupied housing? Would it be reasonable to expect to be able to raise rent with remodeling the units or is 400-475 pretty close to market rate for the area the multifamily is in? Also, any suggestions for commercial lenders in the area? Property managers? Contractors? I'd be interested in meeting with someone around the Lubbock area.