None of these have broken in my apartment in NYC in the almost 3.5 years that I’ve been there. Why would I have to fly out anyway if I can call a local plumber or appliance mechanic? Stove/fridge are electric and cheapies — in the worst case, I’d have a new unit delivered and arrange for delivery online or over the phone. This isn’t rocket science.
Anyway, the purpose of the apartment is to hold it for my own future use while turning a small profit. As far as cap rate, 7.5% seems to be the minimum considering my research on going rents. May be 8 or 8.5 if I get lucky.
Lastly, my offer is for a pretty average price for a short sale in that complex. However, I’ve seen regular sales go for 10-20% more (yeah, blah, blah, no short-sale discount). I probably could do some minor repairs and flip for $20-30k profit, worst case.
I know a good deal when I see one, and I have been able to profitably re-sell most expensive things that I’ve bought so far. Goes for cars, motorcycles, stocks, furniture. I fail to imagine that real estate will be any different.
