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Chapter 11 PM PPT - Chapter 11 Residential Property...

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Chapter 11 Residential Property
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Learning Objectives List different types of residential multifamily properties Explain why scattered-site housing is financially marginal State reasons why managers should prepare a market analysis Discuss importance of curb appeal and a show list Review differences between classified & display ads Summarize importance of regular communication Compare resident & property manager responsibilities List ways to improve cash flow
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Types of Residential Properties Scattered-site Housing – Single family residences, duplexes, triplexes, and large apartment communities Owners often manage these properties May be unprofitable or impractical to hire a property manager If mortgages are high then cash flow may be negative Owners may lease at a discount for a reliable tenant
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Types of Residential Properties Multi-family Properties – usually defined as apartment buildings of 5 or more units Garden Apartments – Sprawling, 2 story, 2-3 bedrooms, in suburban areas Walkup Building – urban areas, older more concentrated areas, 1 or 2 bedrooms, couples & singles Multistory Elevator Buildings – on edges of downtown areas, people wanting to be close to their work High Rise Luxury Properties – emphasize view, amenities and prestige Loft Conversions – started in the 1950’s
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