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Updated almost 6 years ago on . Most recent reply
First multi family investment,Out of state and in C Market
Hello BP family.
I found a property in one of the C market in AZ.
Asking price - 178k with 10.2 % Cap rate. 6 units
Full renovate in 2017-2018 so low maintained cost
The place is 100% occupy. With annual 8% occupancy rate. Currently rent is $3114 monthly.
Seems like a great project to start as my first my investment, but my auntie who live in AZ told me the neighborhood isn’t the best.
Any suggestion ? The property management is in place already but is there any additional question I should ask to insure they can handle any situation if comes out ?
Thank you :)
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#2 Land & New Construction Contributor
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- Charlottesville, VA
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#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
@Ken Tsai make sure to get as much historical financial and operational cost information you can get. Several years if possible. Find out how long the current manager has been running the property and ask them about the tenants, the area and the property. Let them do the talking. Also check with other property managers in the area and ask them about the property and what they would do with it if you decided to switch management. You can also google the property itself and look for reviews and also check crime rates in the area.