Beautiful.

@Harrison Liggett true but how many bills need to be prorated on any given month?

Is this true?

In DC they certainly exist, I sell a lot like these, they are just as in high demand as true multifamilies.

That's the beauty of that measure - whether they get paid every year, on in a single distribution at the end, the value of the investment is (theoretically) the same because the IRR is the same.This is with someone who is well known to me, though, with a small number of people involved ...

Might have some interested buyers on the back end - if you wouldn't mind shooting me the addresses.See if we might be able to work out a win-win scenario to help minimize your losses. unfortunately as Ross indicated these Morris Victims are not in a win win position.. its local investors wins Morris client loses in 99% of the cases.. sad situation thats for sure.. and whats more amazing is the guy is still at it and the regulators have not shut him downI think that this is true and agree with you.

I had this happen as well on a resale listing - someone put it on craigslist as a rental for a ridiculously low monthly rent for the neighborhood, and I found out about it because the smart people were looking it up on Zillow thinking it was too good to be true, then calling me as my number was on the real for-sale listing. 

This is true for the units where people will live in, kitchens are more of a capex cost but after you done you're units you have an idea of you're rental yield (preferably 1% per month) is and can accordingly decide the expenses.

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Even with $170-$200 HOA this seems too good to be true.