New Investor looking at 46 Unit Apartment Complex in WA

[Matthew Kimball]

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Hi everyone. I am a new investor and I've been looking at a variety of SFR and multi-family properties as I practice analyzing deals. Wanted to send this one out to see what other people think. Since I'm new it always feels like I am missing some big number or forgetting to include some important piece. I was hoping for some input from some seasoned investors. I included the link to property on realtor.com and zillow.com. Thanks all... looking forward to hearing what others think of the deal and what variables I may have missed.

https://www.realtor.com/realestateandhomes-detail/...

https://www.zillow.com/homes/for_sale/2090063753_z...

[Julie Marquez]

@matthew kimball If I were a new investor I wouldn't want 46 units in a C class neighborhood. Are they currently professionally managed by a local company? If so, I'd love to have a solid relationship with them as they will make the deal work for you. What are the unit sizes and what are they currently renting for?

My family has been investing in MV for 30 years, right in that area. Everyone used to avoid Stanford Drive because that's where the shootings occurred, but that was 20 years ago. We used to own a 21 unit right on the other side on N 21st, but sold a few years ago. I have friends that own properties right next door on Stanford, so I think some savvy investor will buy, but having the right property management in place is crucial for this area.

Yeah, they are working class units, but necessary for some of the hard working people of Skagit Valley. We still own all our multifamily on S. 20th and it's great. I think the area is turning, and now might be the time to get in. Skagit is the last influenced area along I-5 and people are noticing, and this past year has seen substantial growth. Our rents have steadily increased and we never have a vacancy in the past couple years.

The numbers look solid, but I would expect a little more expenses and more vacancies. I think it could make money for you, but would be a lot of work. Find out about property management in place.