But if you add in all the interest, taxes, insurance, maintenance and major improvements you make along the way, its rarely a good investment.

Since you are on the board , run it like a business , get the reserves built up , raise the dues , protect your and your fellow owners assets by getting maintenance done , basic improvements , and good cash reserves.

The other is .66 acres with NO IMPROVEMENTS LISTED , no well septic, etc.

The city is also pushing to improve the owner and occupancy rates so be sure to look into leveraging that.

Need to educate the owner, show comps on similar buildings and land value assigned to those comps with the deductions mentioned.What the seller has will be defined by the highest and best use to a buyer, not their perception of the use.The other side is making improvements to the subject, look at the ARV and deduct costs, fees and management required to bring the existing property to it's highest use or at least an acceptable use. :)

This is in-part due to mortgage pay down and in-part due to forced improvement.  

If the landlord wanted them to pay more the option would already be spelled out in the lease.The fact this is NN it sounds like the pharmacy might want a bunch of expensive improvements to stay.

It's amazing how playing with some colors and a little yardage improves curb appeal and the value.

But it can easily take on another $200K to $300K improvements to get to move-in condition for a buyer in the luxury niche market.

This way they always report a $0 balance which improves my DTI and credit utilization.