4 Unit Purchase

[Britt Abbey]

Purchase Price: $64,000

Current Rents: $1,840 (550, 400, 440 and 450)
Renovations: $28,000
ARV: $110,000
AR Rents: $2,000
Taxes: $3600 (Based upon assessment of $120,800) Will attempt to grieve.

Cash purchase with the intent to refinance at 75% LTV in 6 months.

At first glance, it really doesn't pay to improve the property when considering current rents vs. future rent, but much of the budget is maintaining building from previous deferred maintenance.

Thoughts?