seems like a good property.. any idea how it'd cash flow?

Asked by Mike, Corpus Christi, TX Sun Apr 26, 2009

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Don French, , Canton, OH
Mon Apr 27, 2009
Michael - The properties on this street corner are doing better since the city bulldozed one that had severe code violations and over 300 police calls within a year for drug activity and related crimes. Having said that, understand that you will own a management-intensive property and as for your cash flow - well, it will look great on paper but if I were you I'd be calling a couple property management firms in town like REM and Niebel to find out how much they'd want to manage it. They are experienced with these type dwellings and this neighborhood. Call Canton City Code and get a current list of code violations; you'll need an inspection after you purchase it to have a Certificate of Occupancy. You are looking at Section 8 rents for this property; you will not likely attract other renters. The area is, in all honesty, improving, since the word is out about the problems of the past and the city wants it kept clean. The city councilman there - Greg Hawk - would be another good guy to chat with as he does a fine job in his ward and knows the neighborhood well. For any property you might purchase through me, I will offer you a 25% rebate of commission on any fees I receive into my office, which will give you some cash at closing. Thanks!
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