This is the only property we've acquired through MLS. The listing price of $99k didn't make sense, but after talking with our agent, we discovered the owner was a burned out landlord who had no desire to continue in the rental business. Therefore, we were able to negotiate the price down to $75k. 

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At the time of purchase, there was one resident paying $550 per month, but market comps were $650. We executed our framework by quickly turning the vacant unit and listing it at market rents. Both units are currently rented at $1200/mo. 

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CHALLENGES BEFORE ACQUISITION: 

• High Asking Price

• Below Market Rent

• 50% Vacancy Rate

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VALUE PLAYS AFTER ACQUISITION:

• Bought Right by Finding Motivated Seller

• Bought Right by Negotiating a Better Deal

• Filled Vacant Unit at Market Rents

• Increased Rent on Existing Unit         

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