In reference to the 12 suite apartment building in the previous post, the following is a list of recent improvements to the property (Pictured Right):
1.) New concrete sidewalk – North Side
2.) Two New GE coin-operated dryers
3.) New Commercial Hot Water Heater
4.) Seven suites have had Flooring Upgrades
5.) All suites including main hallways have had paint within the past six years
6.) Ten out of twelve suites have fridges upgraded (some were new some used)
7.) Outdoor lighting upgraded from incandescent to High Press Sodium (longer life and reduced power consumption)
I have also had an initial asking price requested by the owner of $385,000.
I will confirm the utility costs and deferred maintenance when I visit the building again in 2 weeks. I have also put a call into my commercial lender about financing for this unit.
I visited the duplex yesterday and it is in very good condition, in a great neighbohood, with excellent renters in place. Out of town landlord wants to realize profits and build his dream home. This makes me think that he is not very motivated, but the price is reasonable. I am going to have a contractor take a look at this property within the next week.
As you can see, I am keeping busy! My goal is to progress as efficiently as possible and take steps each day to make my goals come to fruition.
Best of luck to all of you!