Im in the " south market" I have found a ranch style, brick 4 plex ( 2bedroom 1bathroom in each unit ) 2,688sqft with a paved parking lot, built in 1980. Tenants pay water and electric listed at $89,900.00
It has been on realtor.com for almost 900days. I have not been able to speak with the owner but according to the realtor the seller moved 16hours away and I guess just dosnt want them anymore and sold other local multi familes.
Im looking at a long list of homes with an average of 1,000 sqft less selling for the same price or $15,000plus more in the town??
This property is within 30min to 1 of the 2 biggest Universities in the state.
They are currently being rented for $350. I cant find a place in a 30mile radius thats less than $500 for a 2br 1 bath apartment.
The info below is based on the $89,900 asking price. Plus guessing closing cost, since I never have done this yet i bumped the total price after closing @ $95,000. I based all of the rents off of the $350 per unit. I also estimated $15,000 for rehab even though thats double what Id want to do with it but iver herd over and over after listening to all the current Real Estate Rookie podcast and over 40 something OG BP podcast that rehabs can get outta hand........ Anyways Im here now because what the crap do i do now? I know the area its in. Im thinking take the few hour drive to look over the property in person.Then i guess try figuring out how to get the money for it? If based off the local listing that are $17,000plus more at the same quality, should i pay to have it appraised ? Would that help me get an investor or bank on board with it if it instantly appraises that much or more right off the back ? ? I have zero money but do I have a deal ? I also have a good relationship with a local small bank. My goal is long term hold of multi families. It would not be my primary residence so I know that ex nays the loan that wants you to live there.
