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Updated about 9 years ago,
Bankrupt 10 unit, laundry mat and car wash
I have a 10 unit, laundry mat and car wash combo under contract. It's 100% occupied and the extras are functional. It was built in 2007. They have not produced any financials and the realtor is not sure they will. Last year's tax records show the income for the property was 51k and the expenses were $74k. I know these records likely aren't accurate because the owner is in bankruptcy from mismanaging 4 sets of complexes and pocketing profits. The apartment side of the building(all three are connected) is two story and doors are internal. The laundry mat has 4 washers and 4 dryers. The car wash has 3 manual stalls and 3 vacuum cleaners. This first picture is using the numbers from the taxes.
This pro forma isusing potential income given advertising expenses. It's the only car wash and laundromat between 2 smaller cities. I think it has the potential to be managed to become profitable. Do the numbers for the additional business seem reasonable? I'm hoping they're way low as far as average daily use is concerned.