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14x 1BR/1BA units in an apartment building?
Wondering what yall think. This is a wholetail scenario...hard money and short closing time window. I would be an absentee owner, but it seems the they're all rented and just in steady state.
- Fourteen units in the same complex, in San Antonio.
- $700k + $12k closing
- all 1br/1ba.
- all currently rented between $750-$850/mo
- described as all units "in great condition with recent updates"
- Rent income = $131k/yr
- Expenses = $54k (HOA, taxes, insurance, utilities)
- avg ~ $50k/unit. Tax Assessed value = $28k/unit.
- hard to get a good comp idea....not much public information on recent sales.
I have not factored in mortgage, vacancy, management fee, CapEx, eventual 6% realtor fee, etc.
Wondering what yall think of an offering like this?