purchase opinion needed

[1carwash1]

Looking at a 6&1. The asset was acquired from a failed bank so no financial records are available. Further more the asset appears to have been lost because it was pledged as collateral against another failed venture. The only thing I can go by is the water bill. The wash averages over a 5 year period 130,000 gallons per month. The use has been stable. The wash could possibly be bought for $160,000. On the surface it looks like a deal. What would you do?

 

[rzeavy]

130,000 gallons per month sounds like a lot. If you average each car usage at 15 gallons (according to a trade magazine), you have 8,666 cars per month.
Take away more water per car for the auto. wash and for landscape and you still have a decent volume.
$160,000.00 for a wash (land?) is very reasonable.

 

[seattleguy]

Just curious what the land is worth without any improvments?