Flipping a Mixed Use Building

[Eric Waterman]

Hey BP community, I have a question for you. I received a lead today and the seller owns a mixed use building. The second floor is a 1 bedroom apartment that rents for $1,150/mo. The owner works his business out of the ground floor office space...he is an accountant. He owes only 20k on the property. He tells me his building is zoned for mixed use and approved for professionals with employees up to 3. He is mainly located in a residential area. Trying to figure out what this property is worth. I have never evaluated a mixed use building. I operate in the residential space. I'm guessing the way to evaluate I think is similar to an SFR...look for comps in the area. Being that this is in a more residential area I'm having an a difficult time finding comps. Do you have some pointers on evaluating this property. Guy wants out and I'd like to help him out. I would appreciate any insight that you have. Thanks!

Best regards,

Eric Waterman