Got two properties to look at… which looks like a better potential deal?
Both are in the same town.
Both are listed for $270,000.
One is short-sale / pre-foreclosure. It’s a 4 unit, all one bedrooms. Two units are vacant. Rental for 1 bedrooms range from $600 - $900 per month in this town. (this apartment is kinda ugly so it would be closer to $600. ($31,200 annual income).
Property #2 is a house that’s been converted to a 4-plex. It has a mix of 1 bedroom, 2 bedroom, 3 bedroom. It is bank owned and it 100% vacant. Rents would range from $600 to $1100 per unit.
Am I more likey to get a severely discounted property on the short-sale property or on the bank-owned property?
(I know, I know… none of these pencil out by PropertyMgrs calculations unless if I can purchase them for $45,000 which isn’t going to happen).