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Updated over 5 years ago,
[Calc Review] Help me analyze this deal
*This link comes directly from our calculators, based on information input by the member who posted.
Owner is in his 80's and "selling to leave his kids with a hassle free inheritance."
Needs very little initial repair(paint in 2 hallways, some drop ceiling tiles, and a few more light fixtures). Outside of the building is all brick except some trim that could use a coat of paint. All units are in good shape for now. Roof will need replaced within 10 years (about $20,000 according to my contractor).
Area is in a somewhat depressed area of the rust belt, but has very low crime, no gang presence, and good pride of ownership in much of the town(think "Groundhog Day" type community). Property is fully rented except for one vacant storefront. 2 of the 13 tenants are Section 8.
Be hard on me here. What am I missing? Too good to be true?