I've commented on prior threads on this topic to tell a MMMer that a car wash was a bad idea. So what am I doing? Coming on here to ask about a car wash :P
I would love to hear what you all think. Is this a dud? Or worth looking into more closely?
Location: Main road in small suburb though growing quickly due to commuters to larger nearby city moving in.
Description: 1 automatic, 3 manual wash bays
Asking price: $405k
Real estate appraised value (included in sale): $420k
Income: Rented for $3.5k/mo (tenant pays utilities/supplies)
Taxes: $4k/yr
Other costs: Facility built approx 10 years ago by seller. Owner responsible for equipment repair/maintenance.
Other information: I do not yet have a detailed P&L. Summary P&L is not useful as it was from when the seller managed the wash themselves. Sellers are older and I suspect retirement is reason for sale though that is conjecture on my end.
