The complex, which consists of 12 one-bedroom and 30 two-bedroom units, was on the market for just seven days and received a handful of offers, Kyle Johnson with the Houston office of Marcus & Millichap tells GlobeSt.com. He represented the seller, Minotaur LLC, Houston-area partners who are getting out of the apartment business.

Johnson says the $840,000 asking price attracted at least five offers because Bayside Oaks was just 64% occupied at sale time. The deferred maintenance and low occupancy translate into ample upside, when the work's done.

At Bayside Oaks, one-bedroom units rent for $400 per month; two-bedroom units, $500 per month. But, the complex sits in a class C multifamily neighborhood where one-bedroom apartments are averaging $439 per month and two-bedrooms, $524. Average occupancy in the area runs 95%. After the renovation, rent easily could go up another $40 or more, Johnson says.