What do you guys think about this deal?

[Joshua Bautista]

Location is in Hammond, Indiana; Distressed sale; Free and clear

$2.85M ; $1.8M repairs ; 42 units plus 20 units and a free land in between (parking or build more units) 

42 units has 15x1 bedroom and 27x studios , 20 units has 12x1 bedroom and 8x 2 bedroom units 

The 20 unit needs its walls repaired.  City wants it remedied or it will be demolished ($30-35k)

Bought in 2021 but partners ran out of funds to fix. NOI is 0. Not been rented for a couple years

Contractor confirmed that it takes about 20-25k per apartment for repairs and updates.  They will provide name and number