Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Is this an OK first deal?
What do you think of this deal?
$1,100,000 for a 6 unit multifamily, newly gut rehabbed, in Chicago 60645. Rental income is 9000 + 400 for laundry and parking. Expenses are 2834/month.
This would be my first deal. It doesn't need to be the best deal of the century, but my goal is to get started and not get ripped off. Looking to pay market rate.
Right now 2 units are rented, 1 for 1250 and 1 for 1550. Seller claims he will fill the other 4 units in the next 30 days @1650 each. My concern is that rents are high now because its all brand new, but in a few years when it's not brand new anymore, rents will go down to 1400 each. Also, because it's a fix and flip, I'm concerned what quality of work was put in and that I won't find out until it's too late and falls apart. How can I figure out if this is a real concern?