Purchase price: $2,500,000 Cash invested: $1,000,000 16 Unit Multifamily Value Add - Vintage in distressed condition requiring a complete overhaul to modernization

If you buy C vintage properties, be careful if operating expenses are less than 45% NOI.

@James Loffredo you could do the bulk with IKEA furniture but supplement strategically, whether with furniture or accessories/decorative items that you pick up from vintage stores or at garage sales.

Last, I learned that if you buy a C vintage property (for example, built in 1960), but if you remodel the property to the studs in 2022 and update everything, including the wiring and plumbing, the right insurance company will use 2022 as the new year built which will give you better and less costly insurance coverage.

In my market, I see broker pro formas all the time that have a 35% expense ratio which is literally impossible on a vintage building with a single boiler/hot water tank.

Since it's 70's vintage, there may be MANY other capex issues not mentioned in your narrative. 

sf we do go by the sq ft and what the comparables sold for. in mf here in the US and florida for mf there are many ways to look at it. you can go by sq ft per unit for rent, we also look at what type of unit mix is there, what the upside is, vintage of the asset, the NOI and cap rate...i live in boca.. welcome to florida yalla be kef

There are lots of great single family housing stocks from the 1940-1950 vintage that sells for less than 80K (used to be 65K 1.5 years ago hah). 

@Mallikarjun Reddy Pateel as @Andy Eakes stated, you can look at the different OMs for expenses but sometimes those are projections or proformas from a broker vs actual expenses.There are report you can purchase for specific MSAs which have data from apartments by vintage and number of units.All of these should be a guide as the best source would be actual numbers from the seller and then you look for opportunities to improve income and reduce expenses.

It’s a 1960’s vintage, has parking that might fit 20 cars if done right. 8’ security fencing.