Some Interesting Finds

While perusing some real estate agent websites yesterday, I came across the following:

* 10-unit Bed-&-Breakfast, located near a ski resort. $179,900

* 9-unit Apartment building, 3 units need some work. $118,000

* 13-unit Apartment building. $232,000

* 8-unit Apartment building. Some units need a little TCL. $99,000

After digging a little more, the 10-unit B&B is located about 25 miles from a ski resort, so I would hardly say it's nearby. When I first look at apartments, the first thing I calculate is the price-per-unit. Ideally, I'd like to find something <$10k/unit, but those are extremely hard to find on the MLS. The 10-unit, while not really an apartment building, comes in at about $18k/unit. The 9-unit averages to about $13k/unit. The 13-unit is roughly $18k/unit. And, finally, the 8-unit comes in at about $13k/unit. Again, I don't go SOLELY by these figures as a lot of variables could make even the higher-priced ones lucrative - it's just a first guage. I asked the listing agent for the 8-unit to send me a spec sheet on the property, which she faxed me yesterday. I actually saw the 9-unit listed a while back and asked the listing agent for some info, but I can't recall where I put it (my memory is going).

The reason I like both the 8-unit and 9-unit is the fact there is a university located nearby each one, which makes it ideal for college students. The two things I'm questioning are (1) what is the extent of the repairs needed, and (2) both have been listed for a while now, but have had no takers - why?

Anyway, these are the types of properties I was referring to in my E Pluribus Unum post. Preferably, 8-15 units, and worth the cost (i.e., good rental properties without a whole lot of repair work).