Saw deal... how bad could it be (250k 8 unit.)

[Tim Brown]

I saw this mult-family pop-up and I am wondering just how bad it could be.

My current goal is to clean up some personal finance, but I keep looking at properties to try and keep up with pricing.

address:

3225 Fordhaven Rd, Louisville, KY 40214

There was another 4 unit on the same road as this one that came up for sale for around 180k.

If someone is in the Louisville area, then maybe they can explain why this is either a great deal or a disaster.

Note: I am not an agent and have not affiliation with the property above.  I came across it on realtor.com

Thank you

[Jay Ingram]

It's not an area where you can expect appreciation. I actually own a property not far from there. As long as you have an interest in cash flow to hold for the long haul, you should be fine. That said, you can expect this property to have problems like: no functioning HVAC, electrical problems, old water heaters, low rent, old appliances, worn carpet/torn linoleum, leaks, etc.

Sometimes the rents are not able to be raised for that block, or you may not be able to justify raising them enough for a good return after repairs.  Call around and consult Rent-o-meter.

Good luck!