28 unit - all 1 br
average rents - 375.00 month (all are due increases)
annual expenses 30,000.
10% vacancy
asking price is 950K.
Very stable residents, mostly older.
Thanks for the prompt reply, Commercial King. I kinda figured that 30K was a little low, but even with expenses at 45K, this deal will still work, right??
its been my expierience that expences are under stated.
One way this is done is the manager records expences as they go thru the office. But the owner may take care of a few things him self, in effect hiding true costs . look behind the obvious
Thanks for the prompt reply, Commercial King. I kinda figured that 30K was a little low, but even with expenses at 45K, this deal will still work, right??
its been my expierience that expences are under stated.
One way this is done is the manager records expences as they go thru the office. But the owner may take care of a few things him self, in effect hiding true costs . look behind the obvious
John