Analyzing first commercial property

[RJ Dixon]

Hello everybody!! I have just had my offer accepted on a 5unit. I’m in the process of a commercial loan. This is my first commercial property I own a townhouse as well. The rent for this property is 325$, 500$ , 575$ , 700$, 700$. Net 2,800 a month. The property is 3 units in the front 1 being an efficiency. Then a parking lot 5 spaces then a 2 units stacked on each other. Only 2 are being rented out at the time. Looking at the income statement from the previous owner it’s a mess. The area is a small town in Pennsylvania squeeze between 2 bigger city’s. The growth won’t happen unemployment rate is lower then national average and low crime. Town has about 5,000 people. Reaching out to get your thoughts on the property. Next week I’m bring in a water and gas guy to see if I can sub meter. This is what I’ve received from the other realtor. “ In the front house owner pays water, sewer and gas for the water heater. The tenants pay electric and trash. All 3 units have electric heat. In the rear house owner pays sewer all other utilities are payed by tenants back house each unit has a gas hot air furnace I believe water heaters are electric. All units are the same as when you viewed them.” AnythIng will help. THANKS