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Updated over 10 years ago,
Is this a good deal
I would like to get some opinions on a property. I found a 3 unit in a near by town that is a bank repo by an out of state bank. It has two 1 bed and one efficiency apartment plus a 2 car garage. I drove by and talked to a lady I saw outside. She and her husband has lived there 5 years. One lady just died and another went to assisted living. So currently 2 of the units are vacant. The lady and her husband are painting the units for the bank.
Outside looked OK. There is a steep hill that slopes directly up to the back wall that makes me a little nervous. But it's been there since 1952, so it must have been retained pretty well.
I didn't get to see inside yet, but I'm guessing there is some deferred maintenance but have no idea.
This is what I would guess to be a B building in a B+ neighborhood. (I never have found a definition of the grading system of properties and neighborhoods.)
Here are the numbers:
Asking price $69,900
Rent 1 $435
Rent 2 $515
Rent 3 $530
Taxes $222
Maintenance $74
Cap Ex $148
Garbage $50
Vacancy $148
Let me know if you need any more info.