Property analysis: what are your thoughts on this 20 unit

[Owen Thornton]

http://www.loopnet.com/Listing/22831100

So I was looking at this property here. I was wondering what you guys would think?

It looks like it needs 2 rooms updated. Say 5-15k, and would generate a decent cAsh flow, for sure will need higher budgets for repairs and capex.

Let me know your thoughts.

[Frank Rodrigues]

Owen,

Here are my 2 cents, for the cost I don't like it because it still needs more work (which isn't the main issue for me but still a negative) and it's in a C class community which I don't like for something that will run for over 1M. Why? Because my team and I are currently wrapping up a 14 unit in a class A location in KC for over 1M as well (that is far superior IMO) so I'm speaking from the vantage point of experienced comparison. But I wouldn't call it a bad deal either, just not great. If you want to see what I am talking about feel free to PM me. Best of luck!