9 Unit - Opinions - Good deal or not?

This is the sellers listing for a property with good rents - 9 units in total. Just curious is anyone has any thoughts on this property? Particuarly with respect to the seller financing part…

Property consisting of 2 buildings with six, 2 br apts and three 1 br apts. Coin-op laundry. All utilities, gas and electric are seperate. Owners meter as well. Two of the 1 br units are partially gutted for update and are not rented.

Annual income with 7 units rented is $55,200.00. Additional income of $13,200.00 for the other two units when renovated. 2004 expenses: electric $828.43, gas $568.56, trash removal $1,964.50, insurance $2,467.00, water $3,666.95, taxes $3,000.00, misc expenses $4,194.03.

Property is being sold as is, and the price is firm. Please do the math and if you are a serious qualified buyer call with questions or to arrange a showing.OWNER WILL PROVIDE FINANCING OR TAKE BACK $200,000, CALL FOR DETAILS

I’m all for owner finances, it normally doesn’t tie up your credit, or your $$$ (normally little to nothing down), that will allow you to not get stuck being a landlord, but will allow you to purchase additional properties.

What does the seller mean when he says he will “take back $200,000” or owner financing?

Not sure, what I’m getting from it owner will either Fianance all or part, sounds like he wants to finance part of it at least…give him a call…that’s a good deal,

Also if owner will finance, you can avoid getting a commercial loan which is 1 costly, 2 takes a lot of time

What is the purchase price?

Oops…I forgot to include the most important detail…

The asking price is $455K.

OH, for some reason I was thinking purchase price was 250K


I posted a listing for opinions on a 7 family listed for $250K on the “rehabbing, landlording” site. Maybe you saw that one?

Yup that’s what it was…thanks