How Would An Investor/Developer Determine If This Condo Convertion Makes Sense
I have lady who owns a six family(2 bedroom each apt) brick building in NJ who is considering selling vacant. Good location in hot market area, near transportation, 10 mins from NYC.
But the place needs a lot of work to bring to life(inside). Their is no heating system.
At sale price of $425000, how do you determine if this would be a good investment for condo conversion. Can someone please explain how an investor would approach this and how they analyze it.
I would estimate the place needs btwn 150k to 200k of work. 2 bedroom condos sell in my area for no less than 180k and thats worst case scenerio.
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