It is separated so tenents would have there own walk way to the washer and dryer.

The $3500 is for both buildings combined so for all 8 units.

I will say there are similar physical structures in the same city priced almost 100k less, but they are in terrible neighborhoods combined with high vacancy rates.

**SPOILER ALERT** - You’re most likely gonna love me, or think I am a jackass who possesses an overvalued sense of personal worth in combination of too lofty a set of goals & dreams“People refuse to take chances in business, because they fear the criticism which may follow if they fail." - Napoleon HillI have only just very recently decided to throw my hat into the REI arena.

I haven't asked to verify any of the financials YET, however based on what the seller has initially disclosed the property looks like a great deal if the numbers are accurate.Asking Price: $220,000Gross Rental Income:  $3450Two 1bd UnitsFour 2bd UnitsInsurance:     $1500 (seems low)Taxes:           $4000Utilities:         $330/month (Water, Sewer, Trash)Property built in 1970.Seller purchased property in 2013.Property located in transitional area/lower income area, but low crime areaProperty located within mile of High School and elementary school.New Roof 20134 of 6 Units have been remodeled (pictures look very nice)Stacked Washer & Dryers supplied in unitsI would appreciate your opinions!

I would like to use the entire portfolio and its combined equity and be able to work toward a line of credit of sorts, but that seems to be difficult these days.An LLC owns them all, does it make sense to quitclaim to an individual owner and then refinance (if this option is even out there anymore)There is a good amount of equity there, it just seems that with none completely paid off it is difficult to put that equity to work.Thoughts from any of you that have encountered this?

I think it was a combination of fear, denial and hubris.  

I am renovating a condo I own to sell and I can't find a stackable dryer/washer that fit the space.  

I recommend combining a vacant property policy and a builders risk policy to avoid gaps in coverage but that will increase your costs.

I would be very surprised that you purchased in 2005 and would still be underwater with the combination of the bounce back of the prices and with 10 years of paying down the mortgage.