West Palm Beach multi family analysis- would you buy this?

[Glenn Gurvitch]

Greetings, We have an investor interested in the following property, do you think he should buy: 30 units 2/1 with washer dryers Average rent 1225$ Cost is 115k per unit 950 sq ft Buyer will be getting 30 year financing Class c/c + Built in 1970 West Palm beach low rise apartment not in war zone What is your feeling of rents going up or down in this area? What about demand? Currently we manage about 500 homes and all of our class c type 1200-1300 rents will rent right away. Any thoughts? Glenn Gurvitch Florida’s Property Management

[Nicholas White]

Hey Glenn -  I live here in WPB and am very familiar with the market.  I'm very bullish on most parts of WPB and think there is tremendous long-term rent growth here.  Demand is very high and the $1225 avg. rent seems fairly accurate for a class c building (obviously depending on finishes and upkeep this can fluctuate).  May have some room to bump rents to 1,400 -1,600 depending on location within WPB.  West Palm can change dramatically street to street so its really important to make sure you're on the "right side" of the tracks in certain spots.   Are you able to share the location?