So now bring in the electrician to dig a trench and run new 220v cables from junction box to the pump EXCEPT by now the pool is disgusting because there's no pump clearing out the water... the city actually can charge a penalty for having a "dark" pool due to safety issues of a kid falling in and no being able to see the bottom...so, we had to drain the pool extra cost about $300 or so if I remember. 2)  So now after draining the pool, putting in the new pump with new wiring and re-filling the pool with thousands of gallons of water that isn't free (not too mention I live in CA with the drought and my conscience is screaming at me about the waste)...we find that the pool is constantly being re-filled by the "auto fill"...somewhere, somehow there's a leak and we're wasting even more water and money...so, I had to call in a leak detection specialist who thankfully found the leak at the filter and not in the actual pool itself...Another $1,500 in unexpected costs.So, long story short, fixing up the pool cost about the same as removing it, refilling with sod, getting a new fence but now we have a nice updated pool and it should help the value a little bit when we go to sell.

Seems like Hugh has the word on this particular property.You should keep in mind while looking at other properties that while many people may scream that's a low cap rate, you don't know how they arrived at their NOI.  

You just do not scream "trustworthy, and safe bet" with a hand written letter in red ink on a yellow piece of paper torn off a yellow notebook... 

Unfortunately the 2nd co. couldn't find any new mice holes and we continue to have mice visitors once in a while.

When I went to contract signing, the seller was screaming the roof it's not leaking.

It screamed parking issues and potentially tenant issues. 

Google a calendar of the events Daytona holds all year long and you will see why this city gets over 8 million visitors a year.

It's ridiculous that you turned this into a big drama session, kicking and screaming like a child when there wasnt a need at all for it. 

IF they even own the asset .. not get their doc's and deeds and all sorts of other VERY routine aspects of a real estate transactions just screams of amateur hour.. and the marketing company just throwing up as much as will stick make their money have no back end liability and laugh all the way to the bank. 

Considering that there are no pictures of the interior, it is being sold "as is", and it has been on the market for over a year, that screams red flag to me. $10,000 of repairs might be an extremely optimistic estimate for repairs.