Losantiville Apartments in Ohio

[Detra Harris]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cincinnati.

Purchase price: $165,000
Cash invested: $40,000

Great solid brick 4 family with secured entry in a prime rental location. 4 one-bedroom apartments, all units occupied with mature tenants. Updated heat pumps for all apts (2019), Two window unit A/C for each apartment. Four built-in rear garages with new garage doors (2019). Super excited to close this deal on 12/9 of this year.

What made you interested in investing in this type of deal?

Good bones, long term - pay on time - tenants. Seasoned adults community.

How did you find this deal and how did you negotiate it?

Found on Realtor.com

How did you finance this deal?

30 yr term loan.

Lessons learned? Challenges?

We disclosed to the lender a circuit panel needed replacing which the seller-provided credit, however, the lender requested some sort of inspection release form from an electrician which cost additional funds to close the deal. We learned later, we didn't have to disclose this information to the lender which would have avoided the extra step in the loan process.