@Bjorn Ahlblad well this is a bigger project than I intended on taking on.. the numbers work everyway I work it... problem is I don’t have enough investors so cash out of pocket would be more than I would like. Cost of work to do value adds also would add up.. its a low income building so it’s never going to be “nice” but can definitely get more rent as it sits, $50 per unit as they turnover, the 5 retail spaces are vacant and would need rehab but those are just sitting loosing money. A lot of the value add has been done, And done properly. All tile floors setup to be very low maintenance. old bIIldIng but most of the major work/ repairs have been done.
Building is very near a redeveloping area, in 5-10 years should be a much nicer area of downtown, but they will still be low income apts.
Its unique in the fact that it is surrounded by new buildings so it is its own ecosystem, if that makes sense.. problem is that ubless you dropped serious money into it its always going to just be what it is. low income. very small spaces, would have to empty entire building drop 100s of thousands on it and re rent with new image.. I am looking into getting more financial backing, if I purchase I don’t want to drag out the value adds I want to get it done raise rents and flip in 1-2 years unless I like the cash flow at that point. But I think I would rather be in, increase rents increase value then get back out before any major work needs done.
It would cash flow positive as it sits after mortgage, taxes and insurance.
