All Forum Posts by: David Turnage

Class D in a small  town of less than 1,600 people. I have not asked a contractor. I'm thinking the area population can't support this deal in the time frame I'm looking at.

Very little, we own 45 total houses that we rent, 2 4-plexes, a 3, 5, and 6 mobile home park, and the rest single family.  We do all the property management ourselves, but wanted to "go to the next level" with an apartment. The seller will finance, but asking price is too much for its current condition.  I don't know how long rehab would take nor the cost of it.  I was hoping to offer a lower price due to current condition and slowly raise the payment back as we get more tenants.  Your thoughts are greatly appreciated.

The 80 yr old owner had a bad property manager on site, he cleaned every tenant out and started over with 15 new tenants, with only 4 available units, and slowly working on the rest.  Its for sale now, with owner financing, but he was asking over 1M. I have not personally looked at each vacant apartment to see the estimated cost to rehab. He has some 1/1, 2/1, and 3/1 units that avg $550/month.

How do you value a 60 unit apartment, when after clearing everyone out 1 year ago and starting over fixing units up and renting them out for $500/month. Right now there are 15 tenants, with 4 units available.