6 unit Apartment building for sale asking $350K

[Parth Patel]

6 Unit Apartment building with (3)2bd-1ba & (3) 1bd-1ba averaging $750/ unit. Current owner is paying all the utilities. Ran the numbers looks good but bit concerned about going and having separate metering installed, taking utilities off the table or increasing the rent significantly into the 975 area. Current owner bought this July for $175K.. pretty nuts. Looking for any sort of advice!

[Nathan Gesner]

Quote from @Parth Patel:

Current owner bought this July for $175K.. pretty nuts. Looking for any sort of advice!

It's only nuts if you buy it for $350k.

The Cleveland market doesn't appreciate much. After the last crash, it took ten years just to recover the losses. Do you honestly believe a property can double in price in six months without a penalty at the end? Nothing significant happened in Cleveland to justify these increases. People had extra money, they moved, and a frenzy ensued.

There will be a correction and it may be uglier than people expect. It's definitely not a good time to pay top dollar.