Cheap Laundromat for sale... is this a deal?

[BryceLev]

Ok, I am VERY VERY new to the laundromat business. I have been running my own video production company for about 5 years now, and I have decided to try to branch out. I work from home, set my own hours, and I believe I have an extra 20-30 hours a week to put into another business. I could even run my current business at a laundromat if need-be.

Here is the mat I have found in my area. The numbers a very low, but being 26 years old, I can't afford a 100k+ business, nor do I want to finance forever.

Numbers:
Asking Price: $30,000
Annual Gross: $48,000
Net: Unknown as of now... <----- The Kicker

Equipment (Currently in the process of getting ages):
- 32 WASHERS
- 19 DRYERS
- 11 WASCOMAT WASHERS (18LB)
- 2 WASCOMAT WASHER (30-35LB)
- 1 MILNOR WASHER (50LB)
- 17 SPEED QUEEN (2 SPEED, 12LB)
- 2 19" COLOR TV'S
- 4 CEILING FANS

NO Vending
NO WFD
NO Attendant (My wife and I would own/operate)

Stand Alone Building
LOCATED NEXT TO A 7-11 CONVENIENCE STORE/GAS STATION
APPROX 2000 SQ FT
REASON FOR SELLING: Owned Business with spouse, spouse recently passed away. Owner is moving back to live near her family in another state.

I am in the process of finding out rent/lease terms/employees/etc. My initial thought is that unless there is some SUPER laundromat being built next door, or the lease is up, and rent is tripled, then there is nowhere to go but up with a 30k business. But, I am also a newb, and probably not considering 100 different things.

Please let me know if this sounds uber fishy...

Thanks,
B

[Silent Roo]

To be blunt the equipment is basically worth scrap price. It is an old mag and there will be repair issues.

Having said that, It you are handy and the numbers, Demographics, Rent, and everything looks good, you do due dilligance and enough research to know what you are getting into, it could be a good starting point in the industry.

[fishmanz]

If you can learn to repair yourself, it may be ok. Those machines look pretty old. My 2 year old machines need a lot of maintenence and part replacement. They take a lot of abuse. Many times while looking at old mats, i have noticed the equipment isn't even installed correctly. No make up air ect... The owners always say the same thing. "It's run that way for 20 years." You will spend the 30 hours easily each week.