Unless the space below the apartments command some pretty steep rent, like $10K+ a month, this is a bad deal as a rental.If you're really looking to start a business rather than invest in RE, why not try to rent the space from its current owner?

We will spend the next year or so acquiring the properties, can then we will go through all the neccessary steps to change the zoning and build a mixed-use building on it with retail and office space.

First of all, the landlord is required to make reasonable attempts to find a new tenant for the space, and your friend will only owe for the time it is vacant.

Any thoughts what floor on prices will result?

This builds in a floor as to how far the price can drop as PITI falls closer to rent.

I almost fell on the floor and told the loan agent that I paid no where close to that but she didn't seem to care.

The assessment value is 279, 0000 with land and structure, its on a 5000sq ft lot, with 6 parking spaces.

Please note that if you're looking to do dealmaking on the site in the Bulk REO space, you'll need to limit those posts to the Bulk forum.Could you tell us a little about your background?

It has been painted, and I cleaned the floor grout, and many of the tiles.

Glad you found our real estate group in cyber space.