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Updated about 14 years ago,
Apartment Complex Deal
I just came across a potentially good deal? on a 12 unit apartment complex in my city. The apartments are (8) 2/1 and (4) 1/1 renting @ $575/mo and $525/mo respectively. $6,600/mo and $79,200 gross rental income. The complex is in a reasonably good area of town right across the street from a public school. They are fully rented and it's my understanding the vacancy rate is very low. The property also appears to be in great shape, new roof and no rehab. The price is $379K. I have not purchased apts before so I need some advice on what to offer. I have a buyer who is interested in properties like this, so I intend to make and offer and sell him the assignment when to offer is accepted with an inspection clause. I am talking to my realtor to get the expenses so I can calculate my NOI.
Any comments/suggestions will be appreciated.