First Small Multi / 4 Hrs. Away / Help!
9 unit apt, plus tiny lot, plus 3/1 sfh = contract for
360K
Danville,Va. , good location,
good tenants = nurses near Hospital.
fully leased 4853mo/58K Annual
expenses = 17K A
add 6K for prof. management.
What else do I need to know and ask?
I have the rent rolls, the expense breakdown.
Should I know the last time the unit was sold?
Financing = only gone to local bank who offers 5.95 on a 15 year note/5 yr. arm/20% down.
Sudden error on credit makes midscore 643; will take 30 days to correct = norm mid is 680+
Any ideas, thoughts?
Thanks in advance for thoughts, concerns, ideas, offers!
Thank you both for thoughts to check into.
Owner has maintained and improved nicely.
New roof and external painting in last few years. Renovating the sfh now as students moved out.
Has a regular handyman for maintenance and I see the figures.
Interesting possibilities since it is near the hospital to do more furnished units.
Any thoughts, ideas on financing?