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Updated over 6 years ago,

Account Closed
  • Investor
  • Chicago, IL
7
Votes |
34
Posts

Thoughts on this Multifamily Deal?

Account Closed
  • Investor
  • Chicago, IL
Posted

I'll be making an offer on a 24-unit MF property in Indiana in the next few days.  The details are in the attached Excel file, but here is the high level overview:

-$1.0MM offered price ($100k - $300k below market)

~$200k of repairs (primarily cosmetic , no major issues that we know of but we will have an inspection done)

-Property has been mismanaged for years, so we view this as a value-add property that we will rehab over the next ~24 months and increase rents from ~$674 on average to $800. There also may be an opportunity to charge water and sewage to tenants, which would be upside to the attached figures.

-The three tabs represent three phases of the deal: (1) as it stands today, (2) during the rehab phase and (3) post-rehab.

I would be love to hear peoples thoughts on this one.  Also, if there are lenders on BP who would be interested in financing a deal like this, I would love to hear from you.  We are talking with multiple right now to get a better idea of potential terms.

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