Posted by Melissa C (CA) on March 17, 1999 at 18:59:27:
Here’s the deal:
Motivated seller -moved out of area and wants to cash out. Two properties on one lot. FMV 109K. Asking 82K and willing to finance. Seller owes 43K at 9%. Willing to finance at 9% with low down. Both are rented. Total rents $945.
OK - so I look at the properties and one of them is U-G-L-Y. (And they’re getting $450/mo) for it. The other one’s not too bad, but the building’s about 80 years old.
They are located on a busy intersection downtown and are zoned PO (I think this means OK for commercial). I’m thinking with a little work (?) they would make good office space. Problem is, I don’t know anything about the rents, etc. for downtown commercial.
Should I just walk away? I hate to leave a motivated seller, but there’s not enough in there to be a landlord…