Multi-Family - Vacant Property San Antonio

[Joe Martin]

I'm looking into buying my first apartment in my hometown of San Antonio. I have done several SFR flips and have a couple of rentals. The apartment is a 10 unit building that has been vacant for 3 years and has been vandalized. We are estimating a $120k remodel to bring it up to standards and code. Since you don't have any historical records for rent and expenses, does anyone have any recommendations on how to quantify/estimate these numbers. Thanks!! Joe

[Arissa Pedroza]

if it's been vacant that long and you need 10 kitchens and at least 10 bathrooms your estimate of 120k is going to be a lot higher. What you can do is have an agent Compu out rentals within a mile radius to see what it would be to rent out. In addition you can also see what's old and multifamily within about a 5-mile radius and always of course use the 1% rule to calculate the arv. I'm an agent here in San Antonio so if you have any questions I'll be more than happy to help you