跟俺找項目之二

城市離開太平洋岸邊大約30miles，地勢為平原，是一farming town。人口一萬。南離西雅圖100miles，北距溫哥華100公裏。房齡15年，狀態很好，original owners。賣主為四個合夥人，都上了年紀，其中一個已經去世。

Building: 10 townhouses. Nine two bedroom units, one one bedroom units. Rent is $700. Size range from 900 sqft to 1,500 saft, average 1,100 - 1,200 sqft.

Asking price: $1,250,000

I checked listing in town, the least expensive condo is listed $170K. These units can fatch an average of $180K.

Checked with city, there does not seem to be obstacles to conversion. 

Called a bank, a banker said they are willing to finance, only to the point it will be cash flow positive, the rest of it will be downpayment.

I need to talk to an experienced lawyer to get a feel about the time frame. I need also get myself familiar with Washington State law about converting(cann't trust the lawyer too much).

I need about $500K for downpayment, fees, and converting. 

It has to be bought at discount to the current price. A 15% discount will put the selling price at $1.0625M. 

There seems to be a good margin. 

Altimate Question: How long does it take to sell? To get the answer, one has to buy first. Dilema.