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Updated over 11 years ago,
21 unit deal analysis for NC property
I'm looking at my first potential multi-family deal and was hoping that some of you with more experience can tell me if this deal is worth exploring further:
21 Units in Charlotte, NC
Asking price - $649,000
NOI - $96,000
GRM - 5.1
Cap rate - 14.9
1 unit vacant
B property
I don't live in the area, so the deal has to be great in order for me to be willing to make an offer and get started with the due dilligance.
What do you think? Is this good enough to look further or should I keep looking?