Purchase recommendation 2 condominiums in a 3-family house

I’m guessing a realistic 2.5% for the factor.

you almost nailed it exactly..

you almost guessed a bullseye there..

It's my job ;)
Experience has to be good for something after all.

It's my job ;)
Experience has to be good for something.

2.5% is not very lucrative, do you always write off real estate immediately in such cases or do you still consider other aspects like long-term value appreciation and the like?

The house was built as a three-family house. At that time, each apartment was also offered for sale individually. The current owner purchased the entire house and occupies the ground floor and first floor, and the top apartment is occupied by the parents-in-law. Everyone is moving abroad together, hence the sale. So far, there is no community and no reserves.

Why is it not yet a condominium association if it was originally offered for sale divided? If the stated reason for the sale is true, then okay – what would make me suspicious here is that a young house comes onto the market so shortly after the warranty period has expired. An advantage of acquiring all three apartments would firstly be to be able to choose the tenant of the third apartment instead of being saddled with a co-owner who also constantly complains as a "minority shareholder." And secondly, if it really is not yet a condominium association, then you can just leave it that way.

2.5% is not very lucrative, do you always discard properties immediately in such a case or do you still consider other aspects like long-term value appreciation and the like?

For me personally, anything under 6-8% after taxes is out. I don't consider value appreciation at all. Liquidity is my personal pet topic. In the end, just simple apartments in simple locations (Ruhr area). A decent community with some reserves and ideally tenants from the Bürgergeld milieu, where the authorities pay the rent. Zero stress. My cheapest apartment cost 20k (six or seven years ago) - 70 sqm in a 1980s multi-family house. Reasonably green because of district heating. Community ok. Currently, I get 450€ cold rent. Whether such a decision is right for you is another question. In Düsseldorf or Cologne, I would pay much more attention to location, location, and maybe location. My coworker, who lives near the old town in Cologne, has to move due to personal use. He expects about two years of searching until he finds a comparable apartment. Here, value appreciation naturally plays a big role due to massive housing shortage.

Why is it not yet a WEG when it was originally offered for sale as a divided property?

I don’t know if it is divided according to WEG, since it was originally offered as 3 separate apartments. By WEG I also meant that there are no reserves available, since there is no house money.

The owner is a publicly known person, who has lived there themselves since moving in, albeit only sporadically. We read the reason in the newspaper a few months ago and initially thought they would rent out the house, but the house is listed through a real estate agent. At first it was listed for 990k, currently for 890k or each apartment separately between 240-400k.

For me personally, anything under 6-8% after taxes is out.

You are, of course, more professional about this. But at 2.5% we are also out. According to my calculation, the house should cost a maximum of 750k for it to work.