Hi,
I will be heading to Vernon this week to look at a complex with 12 bachelor suites. From initial contact with the seller, it is in fairly good condition: recent inspection done, furnace replaced 2004, HWT 2003, new triple glazed windows 2006 and fairly new roof. Vacancy rate in Vernon is 1%, but there`s a waitlist from professionals wishing to place clients. There is an on-site caretaker and well as a Property Manager. Annual rent is $75,300/total asking price is $650,000. Operating Expense Ratio: 34.38%.
Upon further due dilligence I find this to be a profitable venture, I will be looking for someone with more capital.
Hazel
I will be heading to Vernon this week to look at a complex with 12 bachelor suites. From initial contact with the seller, it is in fairly good condition: recent inspection done, furnace replaced 2004, HWT 2003, new triple glazed windows 2006 and fairly new roof. Vacancy rate in Vernon is 1%, but there`s a waitlist from professionals wishing to place clients. There is an on-site caretaker and well as a Property Manager. Annual rent is $75,300/total asking price is $650,000. Operating Expense Ratio: 34.38%.
Upon further due dilligence I find this to be a profitable venture, I will be looking for someone with more capital.
Hazel