I am looking for buying someone problem , the self storage (location Houston , TX) seat on lot of 4 buildings 4300 SF (land 22,870 SF) around 70 units build 1998,the appraisal value (from HCAD web site) 192khave been vacant more than 5 yrs , need major rehab all units no doors , can't be expanded no more room.Total population 31,295Female population 16485 (52.7%)Male population 14810 (47.3%)Households 10792 (occupied 87.2%)Home owners 4100 (43.6%)Renters 5311 (56.4%)Average number of people per household 3.32Household Income Levels$150,000 or More 244 (3%)$30,000 to $74,999 3,934 (45%)Less than $30,000 3,211 (37%)$75,000 to $149,999 1,299 (15%) in 5 miles radius had cubemart self storage with 300 units and public self storage 400 units.My question is how much I will offer to buy ?

Lending wouldn't be a factor really since there wouldn't be any financing.We were thinking of putting a mobile home on the property which would be no more than $15K.

He told me that there is no more owner financing, only lease options.

No more tenants, no more PMs, no more headaches.

I would go no more than 10%.Then next year raise it another 10% until and keep doing this until you are CLOSE to market rents. 

:)In order to make the home rent worthy, we would need to repair these items soon.New windows - $12,000New Septic Lines - $ 5,000New HVAC and Ducts Soon - $8,000Trim some overhanging trees - $4,000Replace Floor In Sun Room - $6,500Total = $35,000I am sure that we can get no more than $1,500 per month in rent as the home is pretty dated looking.

Currently the town I have my rentals no longer license rooming houses, and I'm legally allowed to sign a lease with no more than 2 roommates.  

Especially in the valley, there is just no more room for big houses.

You can run the numbers with the calculators on BP but if we were entertaining an offer on the property especially if you want to build equity and pull it out when you refinance (BRRRR), I would go in no more than $30K to $35K. 

.• A rental property is no more valuable than the jobs around it.