3 units are 3bed/1bath
1 unit is 4bed//1bath
Owner has owned the property for 20+ yrs.
2 units are leased with 1 not paying rent.
the income potential is $700x4= $2800 monthly
The property is in an up and coming neighborhood perfectly located between shops, medical center and prominent street in the area. The property is located in Texas so there are big things happening even in these times.
The units need some work but nothing major. Mostly cosmetic. replacing carpet in the entryway, stairs, ect. then some work in the bathrooms and kitchen to clean up.
Owner pays water and trash.
The owner is willing to owner finance 20% at 6%.
The owner has not even been to the property in a few years and has his son living there rent free and has managed this property poorly. I think with new management and some clean up with light maintenance this property will be a full. What do you think?
There are not much financial documents pertaining to the property. Like I said, the owner has poorly managed this place and hasn’t even kept records. And I know I should use this information to negotiate a lower price. but what is that price? thats what I need help with. Thats all the info I have on it.