(about 45 minutes west of Albany and less than 1 mile from Exit 29 off the NYS Thruway). Investment opportunity.... All 2BR Units, Tenants pay own Heat & Electric...We were primary lender on building... Acquired through default by original owner... Building sold back in 2009 for just under $400K. Building is in need of some rehab. Partially rented at this time. Approximately $35,000 needed to complete repairs. As I said, building is in need of repairs as previous owner did minimal maintenance for 4 years... We vacated the majority of the tenants so we could effect repairs and rehab... 7 of the units have been restored to rentable condition with some work completed on the remaining 7. As we are not property managers and are looking to cut losses and move on... If interested you must act fast... There are several people interested in this opportunity but we are operating on a first come basis... The owner wants to sell ASAP so he can move out-of-state. Contact me immediately if you have the funds necessary to complete this deal. My best estimate on current costs... Landlord pays Water/Sewer, Approx $6500/yr., Current Taxes: County/Town/School $6900/yr., Estimated Maintenance/Year: $9000, Insurance Estimated: $9,500/yr., Total Carrying Costs: $31,900/yr., Building Rent Potential $600/Month x 14 x 12... $100,800 Gross less $31,900 Expenses... Net $68,900/year... $5,741/month. Primarily Section 8 HUD Tenants... no shortage of tenants. If you see an opportunity here, send me an email!
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