New to the board I normally invest in single family homes. I have my eye on a property a while and recently found the owner after 9 months . Its a mix use property that has been vacant since 2004.
Its close to a big university and can be rented out to the college kids. the owner is willing to sell for the right price.
$607,833 total and taxes are
TOTAL TAX BILL: $11,210
It has no NOI since its vacant. It needs a complete rehabb I got an estimate today from my contractor for around 200k.
3 apartments and 5 rooms. apts can be rented out for
apartment can be rented out for $750 x 3 x 12 = $27000
room can be rented out for $525 x 5 x 12 = $31500
total projected rents $58,500
The owner brought this in 2004 for $600,000.
How would you put this deal together and what would you offer the owner. any and all help is welcome. Remember I really don’t have numbers here and being new its hard for me to determine what I should offer.