Curious how people would price this:
Area: North East
Population of town: <5,000
Population Growth: <1%
Median household income: $38,000
Average Rent: $780 ($450-$900 for 1 bdr)
Closest city over 50,000 is 35 miles
Closest city over 100,000 is 100+ miles
Most employment is in construction and healthcare
unemployment is 4.5%
Crime is low
Average house value : $220000
Multi-families & apartments are uncommon in this area
Built in 1986
(12) 1-BR / 1 BA Units
Occupancy 100%
SF: 6600 (550/unit)
Blg Value: 316,500 (Tax Assessor)
Land Value: 132,000 (Tax Assessor)
Land: 3.7 acres (0.25 AC developed)
Location: Center of Town (Main Street)
Current Rent: $588/unit average
Yearly Gross: 84780
Expenses:
Real Estate Tax 6152
Water and Sewer 2400
Insurance 5600
Electricity 800
Waste Removal 2328
Snow Removal 900
Maintenance 4000
Does not include Cap Ex
Does not include Management
Total Expenses: 22180
Net: 62600
Recent Cap Ex. include:
Roof
Appliances
Exterior Paint
Parking Lot Sealing
Condition is good, well maintained
Units have lower end finishes