Looking for 16+ multi unit

[Chris Ha]

Hi there!

I'm new to multifamily investing (currently own 2 single family homes and 1 duplex).

I'm looking for some direction on the market in Texas.

I found a 16 unit on loopnet (http://www.loopnet.com/Listing/2501-Delano-St-Hous...) and was wondering if there were any similar types of property available since this is 1) within my budget, 2) brings in the cash on cash numbers, and 3) has the range of units I'm looking for.

Is this just a rare diamond in the rough or are there more off-market properties like this?

Side note: Will something like NeighborhoodScout help me with this question?

[Cody L.]

Originally posted by @Chris Ha:

Hi there!

I'm new to multifamily investing (currently own 2 single family homes and 1 duplex).

I'm looking for some direction on the market in Texas.

I found a 16 unit on loopnet (http://www.loopnet.com/Listing/2501-Delano-St-Hous...) and was wondering if there were any similar types of property available since this is 1) within my budget, 2) brings in the cash on cash numbers, and 3) has the range of units I'm looking for.

Is this just a rare diamond in the rough or are there more off-market properties like this?

Side note: Will something like NeighborhoodScout help me with this question?

That proeprty is not worth $60k/door. It’s listed for about 2x what I’d pay.  People who don’t really want to sell are listing at fantasy prices hoping one of the crazies that have entered this market and overpay will bite. 

I have 100s of units near there I’ve bought in the last few years for 20-30k/door