Hello everyone. I am interested in buying this 4-unit that is in foreclosure. It sits on a corner and shares the corner with an empty lot of grass. It looks like a good deal asking 90k. However, I was over there yesterday, and I spoke to an investor who lives across the street. He was nice. He owns that grass lot which shares the corner with the 4 unit. He tells me that he thought about buying that 4 unit but didn’t because it doesn’t have parking. Not even on the street. He says that this is true because it is a 4 unit. If someone were to rent it as a 2 unit, then the tenants could park on the street. When I asked him if he were open to possibly renting out the lot for parking he immediately said no. My question is, what should I make of this and where can I get some additional info on the parking situation. Also the 4 unit needs about $40k worth of improvements. Thanks.
Seems like alot as far as price,however not sure of area.
Most rentals have parking requirements made by the city.
Most require at least one spot per unit or one spot of parking per two units.
You should check with the city to clarify.