This 80 year old man has told me to offer a price and hell do land contract...What price should I offer..Any advice is greatly appreciated. hes owned it 57 years... any advice or price would greatly be appreciated!!!
Location: MIchigan (not flint not detroit great thriving medium size city with tons of new developement.)
Occupied: 28 (all tenant owned homes)
lot rent: $280 ( will be raised to 300 upon purchase)
total of 15 vacant homes that are in desperate need of remodel, I figure out of the 15 homes 7 are going to the junk yard for $2500 a piece and the other 8 will be remodeled for$ 5000 a piece that cost will total $57,000 just to get the park to decent standard. All the homes occupied and not are the older style (20- 30 years old) with a couple to be the exception.
utilities (water, sewer, electric) : PAID BY TENANTS
all bills total monthly to around :$3000 with manager pay
Expense reserve monthly;$1500
total monthly income:$7840
Cash Flow:$3340 monthly$40,080 yearly
demand is great, 24 calls in one week one
I know there are several things i probably missed but im sure someone can give me a good round about figure to offer this guy, i dont want to offend him but i also of course dont want to overpay!