The structure has a successful hardware store business on the ground floor. The second floor has rented apartments, and the third floor is vacant, and is suffering from some needed roof repairs.Current "annual" income from property: $15,000It would cost $26,000 to rehab the upper floors.
(20% of this cost would be eligible for a rehab tax credit if the building is an officially designated historic structure.)
"Annual" income if all floors were rented: $18,000