I looked at two different 2 flats today. Both in established areas with many desirable amenities (public transport, good schools, grocery stores, jobs etc). Both properties were once (most likely) SFH that we're converted. Property A is in ok shape - foundation looks a little wonky in the basement- it is currently fully rented and has new construction (condos that will be listed in the $600's) going up across the street. I imagine some of the older homes in the area will be torn down eventually (next 15-20 years) and new build will come in. This Is a solid middle class neighborhood with upper middle creeping in. It is located near very affluent suburbs.
Property B is in great shape structurally but pretty outdated inside. Property is vacant. Property B is listed at $40k higher than A. Neighborhood is solid middle class. Near major highways, subways, city center and suburbs.
My question for you bigger pockets is what else would you consider if you were looking at these two properties? Is one better than the other?
This will be my first investment purchase - looking for a seasoned investor’s advice. TY!
