As is natural in the due diligence process, many of my prior posts have been about the problems we are encountering. They are not unexpected but they do start to feel like they're adding up after a while.
On the bright side, every time I walk the properties, I feel better about the neighborhood. It was never scary, we're not talking war zone here, but it is transitional and there is always a question of which direction the transition is going, if upward, will the trend continue. Of course, when you're buying half a block, you can help influence that. When we were there with the engineer on Friday, it became more clear than ever that these properties are pulling the block down.
Redeemable house on a nice block, that's the sweet spot, and that's where we are.
Comments