2 Year Resale on 3 Unit?

[Andrew Casal]

Good Evening all!

Wanted to discuss a property I took a look at today. Going in, I wasn't dying to buy this place. My goal was to get a better understanding of what is on sale in the market from a small multi standpoint and get a better idea of what the "quality standard" is for units to compare with my own property.

Doing a very quick walk I could tell that there is a lot of work that needs to get done (3 heating system replacements, a leaking water heater, potential foundation issues, new roof needed, etc., etc.) Doing an extremely quick comp lookup it is definitely priced below the market.

When I took a look at the tax assessors office, I saw that the property was purchased less than 2 years ago for only $50k less than what it is being listed as.

My question is with it being owned for less than 2 years and the seller only asking for $50k more, is that a red flag or am I overthinking the situation?

Appreciate any help in advance!