It literally sits on the “Wrong Side” of the boarder, between a historically not so good neighborhood and an up and coming and popular neighborhood.

He owns a 4unit multifamily in a nice neighborhood, the mortgage is around 2k a month (roughly 360k).

Based on the neighborhood and size of the house/ lot, I estimated the AVR at $65K and can place under contract for $5K.

Of course now they are in the newspaper and BUSTED.

(A house in a 200k neighborhood should not be compared to a house in a 900k neighborhood down the street)Look for properties with similar features such as size, year built, what sort of features such as pool and features such as waterview, etc.

I did not advertise it at all on craigslist, in newspapers, or with a sign.

Steve that was not a commercial broker to me that you had before.A leasing broker should be a leasing broker period.A sales negotiator should do the purchase and sale.There are brokers that do both but people at the height of their game only do one thing for the most part.You can have a generalist that does 2 things or have 2 specialists working for you that do separate things.The broker wanted the sale to make a big commission so was scaring tenants away.No tenant will want to make an investment into a space knowing they will be moving right away.You can have language in your leases allowing you the right to terminate early but not giving away you are selling for development.Ultimately after the lease is signed they will find out in the newspaper etc. when word of the project comes up.Your previous broker was not doing their fiduciary duty to put you first as a client.

But being its getting into the temps where you'd rather not go outside (COLD AS HE**), walking to all the neighborhoods in the area are IMPOSSIBLE!

There is a pool, playground and basketball ct.Specifics:$150k cash for all 32 units.Expenses are higher than usual as they include a $300 per building HOA cost for pool and landscape maintenance.Owner pays only water about $125 per building.Property tax:$1300/buildingInsurance $600Vacancy needs to be assumed highBuildings were built in 1971 so expense ratio will be above 50%.Onsite resident manager and super on site in exchange for free rent of a 2bd and 1bd.Although price per door is less than $5k the high expense ratio, low vacancy and sketch neighborhood have my ROI questionable and giving me very cold feet.

He then asks if I can get a local newspaper, so we can look at the classifieds.