Looking for signs of distress

[Daniel Lozowy]

Hello BP experts,

Besides the obvious. What are some telltale signs that an apartment building is in distress? What are some things that an experienced will spot but that a newbie will miss?

[John K.]

Here is what I look for to determine a potential target.

How many cars in the parking lots, at 7am and 7pm? Match that to the number of units. Is it reasonably close?

How many of those cars appear to be working?

Is there a bus stop nearby that could skew the car number?

Call the office. Do they answer at 8am, as well as 5pm? Did they answer or call back from a message? If message, do it again the next day to determine if it's a pattern or not. 

Schedule a showing, as a perspective tenant. What's the "move in" ready unit look like? Does it a resemble a unit thrown together in desperation, or does it look nice for the rents asked?

This in addition to the obvious stuff, will probably get you the answer you need.