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Posted by Eddie on January 30, 2002 at 16:50:12:

Year built: 1966
# of buildings: 2- 2 story buildings (1= 24 units, 1= 16)

1.11 acres

32- 1 bedrooms @ 550 sf. 8- 2 bedrooms @ 700 sf.

Heat: Baseboard Hot Water

A/C: Thru Wall individual units

Domestic Hot Water: 80 Gallon Gas Fired hot water heaters in each building. The water heaters are approx. 8 years old.

Roof: Flat Rubber about 10 years old
Laundry: Community Laundry Facility in basement of each building.


(Thru Oct 1)

Rent:
Gross: 126,940
Vacancy: 21,318
Laundry: 1351
Total: 105,622

Expenses:
Admin: 3598
Payroll: 9255
Bad Debt: 1712
Electric/Gas: 23460
Water: 10878
Maintenance: 12106
Trash: 1685
Snow: 292
R.E. Taxes: 8071
Insurance: 80,379

NOI: 25243

NOI for for the next 2 months would make it a 30,000 for 2001.


Asking Price: 350,000
Supposedly theres 2 contracts to purchase on the property that are about to be presented to the owner. I told the listing agent basically that I am very interested and that both he and the owner should look at my offer before accepting the other offers.

Well, the expenses are beating this thing badly.


Comments?