Need 2nd opinions on 4plex

[Brian Miller]

This 4plex is in Philadelphia and the owner wants 269k. Gross rents last year were $31,200. It needs roughly 40k in rehab to increase gross rent to $37,200. It also has 2 garages that can get $125/mo a piece but were not rented. The numbers look good but the property only has 1350 SQ feet total which makes this property 207/SQ foot when the average SQ foot price for the area is 135 SQ foot.Will this cause a problem for building future equity and refinancing in the future with the SQ foot price being so inflated? 

[Brian Miller]

Alex Capozzolo I seen fire alarm pulls but they looked disconnected for one reason or another. I didn't realized they would need these things being under 5 units, but then again I don't know everything. And yes it will generate sufficient income, but I also was concerned about gaining equity also. I am confident however I can raise rents a minimum $100 per door to match surrounding rent prices. My end goal is to rehab, get it running efficiently, and sell 5-10 years down the road.