All Forum Posts by: Giovanni Isaksen

90k a door sounds pretty steep but the 50% rule says the NOI should be in the 10.2k range which is about a 5.6 cap on 180k, in the typical range of asks in SE PDX these days. $140k would be a 7.25 cap and I would start there with an offer if it were me, but there's been a lot of interest in SE lately so if it's listed you might have to start more towards your MAO of 160k. Rents sound a little high for SE so doing a rent study for the neighborhood should definitely be part of the due diligence. This is also a submarket where you definitely need professional property management that is used to dealing with professional tenants (not tenants who work at professions), who screen well and enforce all lease terms for all tenants. I would definitely have prop mgt in your budget.

BTW was just interviewing prop mgt companies for a recent acquisition in the area and would be happy to share what we found offline.

I would be happy to contribute. Apartment guy and consultant. We help our clients and partners earn good income & grow wealth by taking the headache out of owning apartments. Acquiring properties now.

Thanks, Giovanni

RE #5 Tell your sister I'll pay her $838,726 cash for her apartment if she'll continue to cover the maintenance & repairs, payroll & burden, property management, utilities, G&A, accounting & legal, leasing and advertising, landscaping and $200/unit annual reserve for replacement that are missing from the proforma :)