Whatcha think of this one ? Good / Bad ?

I have found a building on the market for 190,000 however the register of deeds shows it apprasied for 139400 and assesed for 97600. Its a 2 story upstairs has 2 -2 bedroom apts… I would believe would need to be totally rehabbed. The dwn stairs is a retail space with possibility of 1 or 2 storefronts. ( windows boarded up and vacant for as long as i can remember ) Now this is in really high visibility area and will be even more so when Price Chopper is completed, Walmart is on the other side and its less then a mile from Interstate hwy. I believe this area will be developed with all the traffic now.
I believe the lowball rent rates are like min. 600 per mo / unfixed and lets say 700 - 800 completely fixed. 2 BR apts.
The bottom storefront level lets say lowball has a potential of 600 per store front lets say 1200. lowballin.
I need to figure what its gonna take to get this rehabbed. Up to par. hopefully being able to increase the value much after repairs and rented. What do you think of this … and how should i go @ figuring all this. I havent totally inspected it yet but am figuring on a complete gut and fix. along with maybe nice commercial storefront windows… what do ya think of it ? I think itll be a booming area with the high traffic , walmart, and price chopper on each side of it … on the way to Interstate hwy exit.
Any input is greatly appreciated. Thanks in advance…


Howdy Mohegan:

Sounds like an up and coming area. perhaps this land will have a higher and better use shortly. Convenience store or a small strip center or gas station. They all pay big bucks. Maybe a Walgreens. How much land? You may go for it if you can get it rehabbed for under $50K. Just a quick guess, maybe higher if you can get the top rents quickly. I would offer somewhere near the appraised value unless you feel they are more negotiable you may start at $100K…