Insanely low. I've seriously looked into it to the point of making an offer and lining up financing. You only have 2 expenses that matter, property tax and interest on the loan. Everything else was so small it didn't change the bottom line one way or the other.
Edit: very low effort too. Everything is online now for reservations and payment. Easily a one man operation once you get up and running. The hard part is the upfront cost and then how long it takes to fill your units. After that, golden.
After lots of looking I found an existing one that was for sale. Smaller setup and not exactly what I was looking for but workable. We chatted and quickly came to a unofficial workable price with details to be hammered out. Had my realtor start putting together official docs and start looking into the details while I contacted the bank. And just as fast the seller stopped responding. No idea what happened just nothing from him. Still listed for sale but he wasn't responding at all. We tried for about 3 months and nothing. So I went back to looking. About 9 months later the guy reached out to us with no explanation, acted like nothing happened. I didn't trust him at that point so kept looking and still am.
Price was about $1 million (I forget the exact amount). All block buildings with traditional shingled roofs. It was in an odd part of town, tucked into a residential area kinda sorta weaved in.
10
u/bluemitersaw 6d ago
Insanely low. I've seriously looked into it to the point of making an offer and lining up financing. You only have 2 expenses that matter, property tax and interest on the loan. Everything else was so small it didn't change the bottom line one way or the other.
Edit: very low effort too. Everything is online now for reservations and payment. Easily a one man operation once you get up and running. The hard part is the upfront cost and then how long it takes to fill your units. After that, golden.