Sometimes a no-brainer is just that… - Posted by CCReed
Posted by CCReed on April 02, 1999 at 14:20:58:
and sometimes not. The numbers look sweet enough to deal with most any forseeable contingency, even that neutron loan.
Location location location–Federal Hill, just outside Providence’s downtown core. Like Boston’s North End, NYC’s little Italy, SF’s North Beach, it’s hot hot hot.
The building’s a little funny. Rents are on the low side–but there’s no parking–you pay to park around the corner. Not unusual for that neighborhood, but there’s not a lot of upside in the rent picture. Tenants pay utilities.
The main thing is that it looks like the owner got 2/3’s of the way through vinyl siding the bldg, but didn’t finish. Why? run out of money? Personal problems? It’s just a curiousity factor–there’s money there to finsh the siding. Of more concern is that 3-year bullet.