How much would you pay...

[Marc Freislinger]

Just out of curiosity, what would you pay for this?

4 Two bedrooms, one bath
No less than $400/mo, identical units in next building are going for $475.
Needs 20k in rehab
Semi annual taxes $1064
Identical buildings are listed between 100k and 120k on the same street. Solds are between 30k and 100k in various stages of disrepair.

All brick building, built to be 4plex. Vinyl windows. All utilities split. Washer dryer hookups. On slab. 3628sf

Need more info? Ask.

[Mitch Kronowit]

Are you looking to rehab and flip it?

If so, I would take that high comp of $100k and assume it was in great condition, similar to what you're going to restore this to. Then assume I would list it and accept $90k for a quick sure sale (the time for the rehab and the rate values are rising or dropping need to be considered). From $90k, knock off $20k in repairs plus another $10k pad for all the crap that is bound to come up. That leaves you around $60k. Then selling costs, holding costs, etc. probably about $10k. Finally your profit of about $15-20k for your trouble puts you in that $30-35k offer price range, around those low end comps.

If renting, you could probably offer a little more since your profit will come over time in rental income. This area doesn't sound like much of an appreciation play, right?

Finally, what those other properties are listed for makes interesting conversation but is of no use here since they probably have their copper pipes in place.