Draw backs to section 4?

[Derek Cotton]

Hello all! 

Fairly new member (officially a couple weeks now)

I can’t find it now but I know for certain it said section 4 (hadn’t just dreamed it up)

I’ve been investigating this property for a small while

description of the property:

Commercial-office

Zoned R2 multi family

Almost $300k

Says “structurally sound but need tlc”

Been on the market for a few years

1959

3000 square foot

2 tenants at “market rent” on the top floor

And a good reviews flower shop on the ground floor

I don’t know the sq ft of the parking lot

Maybe 5-12 lined spaces or so

High volume traffic area most days pre covid-19

Walking/biking distance to food, gold gym, gas stations, couple banks, grocery store etc. pretty close to main part of town which has a lot more local amenities.

Looks to be an REO

My grandfather said that he had a conversation with the lady that runs the shop a few years ago and that she said wanted to buy the building but she didn’t have near enough money to do so.

I called about 13 days ago to see If I could pick up a part time day job (second job) left my Information I have a follow up call in almost a week see I can work some birthday magic.

I want to meet the place specifically her to see what she says about the place potentially see is she’ll be willing to partner

I’m sure there has to be value adds, updating electrical, something has be possible to make the numbers work

Last but not least, what is section 4 housing? I’ve done some light googling.

All thoughts welcome !

Hit me with what you’ve got BP!