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Updated over 7 years ago,

User Stats

150
Posts
26
Votes
Faysal Alam
  • Real Estate Agent
  • New York City, NY
26
Votes |
150
Posts

Help me analyze this deal !!

Faysal Alam
  • Real Estate Agent
  • New York City, NY
Posted
Okay guys , so I think I might've found my first deal 4 unit mixed use property right outside of Rochester NY , 2 store fronts that need a little bit of work , maybe carpeting . And 2 2 bedroom 1 bathroom apts above the store fronts , the price was originally at 50k , went down to 40k and now dropped to 25k . The upstairs apts are in need of flooring , one might need a kitchen , so looking at around 20k worth of work , according to owner , arv is around 120k . I see houses in the area recently sold for anywhere between 50-120k but none of them I see are mixed use buildings . I have 32k saved up , should I pull the trigger ? Also property taxes are around 3-4k . This would be my first ever real estate deal . Population for the town is 1750 as of 2014 , average rent is $660 . The property is across the street from the library , within 1-2 blocks radius of the post office , diner, pizzeria ,churches , dentists office as well as other small businesses , what other information do I need before pursuing this deal? And what precautionary measures should I take before actually purchasing , keep in mind this is my first ever real estate purchase , so I need a walk through of everything . Any input is helpful !! Thanks so much in advance !

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