Building requires investment
Pros
Great floor plans, large rooms, nice views, really courteous staff
Cons
Heat does not work sufficiently in the winter. Apartments are scorching hot (>80 degrees) in the summer with AC on maximum. At least one elevator out of service at a time. Management unresponsive and overwhelmed by the magnitude of tenant complaints.
Advice to the owners
Invest appropriately in the building so that basic needs (heat/AC/hot water/elevators) are met.
HORRENDOUS MAINTENANCE ISSUES
Pros
Looks good on paper.
Cons
Regular, persistent hot water issues Regular, persistent heat issues Regular, persistent elevator issues Poor AC system Major gym issues - non working AC, not working equipment The management doesn't care and doesn't communicate
Advice to the owners
Stop thinking about turning the profit. Start taking care of the tenants



