worth the risk

[Anonymous]

hi all. i'm new to this but i have an opportunity to purchase a mat for $12k. rent 800 w/ negotiable term of lease. the landlord is pretty responsible and owns the 10 unit residence where the mat is. he does not want to run the business. it has 13 washers and 7 dryers. they all work, new boiler and hot water heater. the mat is across the street from a large apartment building and several multi family homes. lower, middle class neighborhood. there are other mats within 7-8 blocks with the same setup. the problem is that the mat has been closed for some time. i have no idea where to begin with regards to calculating the potential income/usage. the price just seems too good to pass up for someone starting out.

[Ryano23_98]

i would pass .... rent to high

[pete f]

how many sq ft?
If the mat is not operating, it may need alot of re-vamp to get it going. 13 washers and 7 dryers is very small, unless it is across the street from your house you may never get volume to make it worth the daily trip to clean and take care of worth it. On the other hand if you have room to remodel and start out with a nice modern mat and demograpics are great than it could be a nice money maker.