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Updated over 3 years ago,
Empty apartment complex
I am new. Have not made my first deal. Sponge for information at this moment. I want to invest in multi family property. I have had my eye on a 6 unit complex (4 in one building and 2 in the other). Did a walk through. The property needs some love. The biggest thing that sticks out as odd to me is that 4 unit building is facing the woods and what should be the front is flat. In my walk through I can easily move the front doors to face the front of the property. It sits on 7 acres. I would give a rough estimate of approx $100k needed in repairs. It is empty except for 1 unit. A local physician owns it. He is 77 years old and purchased it in 1986. When searching for an apartment to rent you would not know this property exists unless you drove by and it is off the beaten path but still in the city area. My question for this group is... With the property being mostly empty what questions should I ask myself of why? Am I missing something? Would you stay away from an empty complex?