Historically it was used as an office for the previous building owner. 

In fact, someone just called me last week and had a non-performing rental package that they purchased in the same fashion and the prices they bought at, considering the actual condition and historical performance of the properties was too high in my opinion. 

This outlook is reflected in the prices resulting in poor initial cash flow but historically great long term cash flow. 

With that said, here are some questions I would ask myself about the situation: Historically, have the students paid enough in the 9 months to cover all the expenses associated with these properties?

A recent article on Islands.com highlights Henderson's charm, from its historic petroglyphs and post-WWII transformation to its thriving arts scene, boutique shops, and outdoor adventures.

You may feel like a 6-7% rate is "high" but it is historically a pretty average rate.

But usually for a tenant occupied it's like $90-120 per monthI've noticed a lot of multi-family buildings are pre-WWII housing inventory - are there restrictions or issues common with that (historic districts, crazy high utility costs, etc)?

In 2021 we bought the building for $1.5M using private lenders, pushed the occupancy from 50% to 80% occupancy and it appraised for $3.125M, allowing us to pay back the private mortgage.Right now, we are in the predevelopment process of design and piecing together the capital stack for the redevelopment deal, which will be made up of historic tax credit equity, RestoreNY Grant, DRI Grant, etc.

What has the appreciation been historically? 

But more importantly, it’s about building something bigger than myself—a system that empowers the community and leaves a legacy of impact.This project isn’t just about restoring a historic site or running a program—it’s about creating a vehicle for change that allows others to succeed.