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Updated over 7 years ago on . Most recent reply
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1 questionable unit in 4-plex - need advice to make mkt. ready
I am ready to do a 1031 exchange and sell my 4-plex in Phoenix, AZ. The rents are very high and all the tenants pay on time. 1 unit has my longest tenants that just re-signed a new lease. They have cats (which they pay extra for) and I just did a market increase on them as well. (they pay the most rent out of anyone) The problem is that the place is really messy and stinky. (think worst case scenario) not hoarders, but the place is really rough. If I go in and fix it, they will mess it up again. If I show it, most buyers will be turned-off by this unit. I was thinking listing the property "as is" Other than that unit, the other 3 are fine. It has 2 new A/C units and the other 2 are less than 4 years old. Thanks in advance for the advice.
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@Brent Coombs, thanks for your reply and input...it is a "D" area and I doubt anyone would house hack. A couple of units are going to be avail.in 2-3 months, only the one that is rough has a newly signed lease.
Also...I am not sure if all the rents in the area are high (I know across the street there is an 8 unit that is priced lower than mine) I am a big fan of Dave Lindahl and when the lease is up...time for a market increase, so that is why I aggressively raise the rents.