Looking for Multifamily Properties in Rockford
Hi Guys,
I have been reading posts for a while but I never posted one myself. I learned a lot so far.I have been investing part-time on SFHs and condos in California for 10 years. I would like to transition to multifamilies now. I am looking for a good cash flow property to buy and hold long-term. Since I cannot find one around here, I have been looking elsewhere in other states. I would like to get your opinion on one of the recent finds in Rockford, IL. The value is around 4M with a cap rate of around 7.5% (based on 50% expense ratio and other metrics, including T12 data). It was built in 1970 and in fair condition based on recent inspection report. It is in a safer part of town. I thought of the low appreciation potential of the area. I also thought of getting a good property manager at a fair price. I have talked to a few managers already. My question is: Is this a good start? Please send me your input asap. Thanks.
I have been reading posts for a while but I never posted one myself. I learned a lot so far.I have been investing part-time on SFHs and condos in California for 10 years. I would like to transition to multifamilies now. I am looking for a good cash flow property to buy and hold long-term. Since I cannot find one around here, I have been looking elsewhere in other states. I would like to get your opinion on one of the recent finds in Rockford, IL. The value is around 4M with a cap rate of around 7.5% (based on 50% expense ratio and other metrics, including T12 data). It was built in 1970 and in fair condition based on recent inspection report. It is in a safer part of town. I thought of the low appreciation potential of the area. I also thought of getting a good property manager at a fair price. I have talked to a few managers already. My question is: Is this a good start? Please send me your input asap. Thanks.