32 Unit Apt Complex

[Kyle Penland]

I'm reviewing a 32 unit apt complex I'm considering...I think I can get it for 225k and it will need 175-190k in rehab...I haven't toured all of the units but reviewed several.  7 of the units are rented, doubtful they are all paying.  Looking for a 18 month interest only loan of 400k to rehab the property and get it rented.  Haven't decided if I want to sell the property once it is complete but am thinking I would like to hold on to it for at least 3 years to show a great history and then sell.  This is a class D neighborhood.  I own a SF a block away and it is rented currently for 575 a month.  These units should rent for 350 -375 once fully rehabbed. Open to partnerships as well.