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Updated over 5 years ago on . Most recent reply
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Multi Family in Hartford - should I ???
Hi all,
I am new here and somewhat new to real estate. I am in the home stretch (fingers crossed) of closing on 2 small multi family homes in Hartford.
I'm also waiting on a short sale approval for a third one, and that's where I feel I could use some input:
3 family home in south end of Hartford. I offered $130K a few months ago.
Now the bank appraised it themselves and they want me to match the appraised value of $145k.
It needs 15-20k work. Rents $800-900 per unit (3 units). Taxes $3700. Insurance $1600.
Should I up my offer to 145k?
Most Popular Reply
![Shirley R.'s profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1034118/1686660613-avatar-shirleyr16.jpg?twic=v1/output=image/crop=1714x1714@642x1142/cover=128x128&v=2)
@Daniel Francoeur
Well, a year later I guess I'm on the verge of seeing the light here. I'm at the home stretch of renovating the building and have tenants lined up. Got a chance to help a single mom w/ 2 kids out of a shelter, so I agreed to reduce the rent for her. Otherwise, I was able to increase rents significantly (more than 300 a unit).
Hopefully the rough patch is close to over. BUT, I'm not doing it again, if that answers your question. When I buy again (and it will be a while) it will be in B areas.