I started a marketing campaign this week, I posted details on the campaign in an earlier post.Through my marketing campaign I uncovered a seller who is slightly motivated.

I haven't verified any of this information so I suspect that I'll uncover some hidden truths but here it is:- Asking Price - $800,000- Gross Income: $112,000- NOI: $96,000 (I know it seems high, I'll verify this for sure)- 12 Cap- Owner manages property himself- 16 units each 450 sq/ft, all 1 bed 1 baths w/central A/C- 100% occupancy (maybe an indication of rents being too low)- No washer/dryer in units, has community washer dryer (Generates $125-$150/mo in revenue)- Each unit rents for $575.  

The lawyer did that hard part, all we did was solve the problem that we uncovered by talking to the ownerto your successJosh

A title search by the title company who will insure you should uncover any additional clouds on the title. 

If it indeed exists, does one always have to uncover a distressed situation to acquire such a property?

Like everything else, make sure you do all your due diligence and get all the proper inspections done, and build contingency plans into your offer because you never know what can be uncovered when buying a building like this...Hope that helps and best of luck!

I'll update again soon with- How the west side of the house began falling down shortly into the project BUT I saved the day- The "friendly" neighbor - A little FarmCabin history, past and presentA few pictures of the damaged we uncovered: Viewers Discretion Is AdvisedI don't know if these pics do it justice.

HOA restrictions uncovered after offer)I found 2-5 at the link below...http://www.proapod.com/Articles/subject-to-clauses...

Over the past 15 years as a private investor/owner/property manager, I have successfully invested over 1 million dollars of my own money into multifamily assets.Along the way, I developed 1 simple rule:“Don’t try to save a dime today that will cost a dollar tomorrow.”I use that discipline to uncover and create high value investment opportunities for investors in markets that are currently underserved in SW Florida.Licensed Florida RealtorCertified Florida Residential ManagerLicensed Property Maintenance ContractorCurrent Affiliations: Cape Coral Association of RealtorsNational Association of RealtorsNational Apartment Association

We made our highest and best, Hopefully other bidders did their research regarding the property because there was something we uncovered.