Good or Bad buy?

[Thomas McNicholas]

http://chicago.craigslist.org/chc/reb/2697015926.html

Thanks!
Tom

[Joel Owens]

The front says rented at 580 a month but says nothing of the condition of the back property unit and what work is needed to get rent ready.

The 580 was security deposit waived,first months rent free are half to get them in,did they use lax qualifying to the tenant they rented to??

If 580 was waived the first month then rent is really 6,380 gross a year which is 3,190 NOI before debt service.

So based on that offer of 31,900 but then you do not know property taxes,repairs needed to back unit etc.You do not know area is declining,booming,rents going up or down,multiple foreclosures on the street and on and on.

The best thing to do is to get someone local who specializes in multifamily to show you what you should pay.