Is This A Good Deal?

[Josue Guerrero]

So I found this brick 4-plex in Raleigh today. It is about 5 or 6 minutes away from a major university (NC State) and also a couple of minutes away from downtown.  

Judging from the photos of the interior it seems to be in pretty good condition and would only require minor cosmetic work on it, of course I would make sure to visit it with an inspector/contractor to make sure it's actually as good as it looks.

They are asking 239,000 dollars for it, but I would only offer at most $191,200 for it. Judging from a few slightly similar comps, it should have an After Repair Value of $240,000, maybe a little bit more. Should also mention that it's been on homes.com and realtor.com for 130+ days.

This is the link to the deal analysis that I performed on it. Please feel free to correct anything I may have neglected! Is it a good deal and worth a closer look into it? 

 https://www.biggerpockets.com/calculators/shared/208862/0468f20b-bfbe-429e-b5be-719018f26607

[Chris Martin]

Originally posted by @Josue Guerrero:

Yeah, that's a fair point! I suppose the best thing to do is contact the local police department and ask what the crime rates in that neighborhood and near it are and hope that they are pretty low! I should probably also get in my car soon and drive down there to see just how sketchy or not sketchy the neighborhood might look.

Contact the police department. Right.

Anyway... Sounds like Tischer/Peach Creek/Stewart. Here's what you can do.

1) Go to IMAPS
2) put in the address under the "Property Search" tab on the right. Order is important.  Now, click on "Raleigh Crime Search" all the way at the bottom right. Put in 1500 as the "Buffer Distance" and select FEET. DON'T PRESS THE SEARCH ICON. Press (select) the "Set Date" arrow and set the "From" field to 06/01/2015. Now press the "Set Location" arrow and on the "Select Search Type..." select Map Center.

There you are. It was in that area a long time ago(*) that I learned what AWDWISI meant.

(*) Not an indication of anything current. My experiences there are from 10 years ago.

Sidebar:  FMR for 2 BR with RHA is $739... not sure how sequestration affects RHA anymore. We exited the S-8 subsidized housing business a few years ago.