One Street, 3 Buildings, 8 Total Units - Let's Analyze Together

[Mehdi S.]

Dear Friends, 

I wish everyone is stellar. I'm looking at three properties packaged together in one Street. They are located in Baltimore, Maryland. The three properties combined have eight total units which are 100% occupied. There is no value add here as all properties have been gut renovated in the years 2014, 2016 and 2017. The appliances are stainless steel, the units have hardwood etc... It's more of a turnkey deal. Attached you can see the Property Details, NOI, Three Year Cash Flow and Rent Roll. The asking price is $1,100,000. Below are my questions. If you have some questions for me or thoughts aside from the questions, please do share.

1. Investors in Baltimore Maryland, what is "CHAP TAX CREDIT"? It's only applied to one of the three buildings and how come the other two don't get it? By getting this Credit, are there any obligations to put forward? 

2. The building is very old from 1880. What do I need to watch out for? 

3. What is an accurate Management Fee Percentage for such building in Baltimore, Maryland. Their assessment is based on 6%. 

4. What would be accurate Vacancy % in Baltimore Maryland. Currently they are at 5%. 

5. Given there is no value add, it's simply as if I'm buying a "bond" in terms of the return. Tax assessment is only $429K as well. What would you offer for it to be worth your while?