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Updated over 18 years ago on . Most recent reply

User Stats

333
Posts
15
Votes
Ken Hicks
  • Boonies, PA
15
Votes |
333
Posts

What would you do with this rental

Ken Hicks
  • Boonies, PA
Posted

I located a rental from the mls. 7 units. 2 commercial, and 5 residential with 2 bedroom and bath. the building is a total of around 12,000 sq ft not sure how big the commercial spaces are. Here is the problem that i'm coming with is that there are only 3 residential units filled and it has 2 commercial units vacant and 2 residential units vacant. the residential units rent for $350 each plus utilies the commercial units go for $500 a month plus utilities. when i talked to the realtor he acted like i'm stupid when i asked what would the owner of the building pay. He told me nothing except halway lighting. I know that is not 100% right because there is a 15 car or so parking lot. they have the all brick unit listed for $225,000 only for 4 weeks on the mls. to me the numbers won't work and with the vacancies and the way the realtor was talking like i was stupid and saying a real investor will make a cash flow. I think the unit is only worth $140,000 with all the vacancies, I think in that area the residential units could rent for $450 plus utilities. I haven't looked at the unit yet. He told me the investor is selling because he is in real estate big time and doesn't have time for the unit, and thats why its vacant. Its not adding up, he owned it for 10 years. what do you guys think of this property.

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