Apt hit by Hail w/$500K worth of damage..They want to sale(Help)

An APT in the midwest worth $1.9M was hit by a storm and caused $300-$500k worth of damage. The owner has it covered by insurance but now the owner says he would be willing to sale as is and give me the ins $ to fix it up since he had it for sale. Of course the apprasier would bring the price down; but I only can do Owner Financing at the time anyways. Before I get back to him does anyone have any advice…? If not I guess I’ll be bird-dogging this one… :rolleyes

What kind of damage? Are all the units still rentable or are there now roof leaks and broken windows?

Your options would depend on what was your plan before? Owner financing for a year or two and then apply for a gov’t insuranced mtg to give the owner his money?

sorry, its hail damage…somethings like windows were repaired with 24hrs but major things like roofing and siding are still in the works upon reciept of insurance payments. He plans to updgrade all things while he is doing this which would bring the value up…thus making the APT worth more than $1.9M…so its a small opp. 131 units…My plan was to increase rents but not immediately. The net income is good…(10% Cap/1.5 LDCR & 2.1 HDCR) :banghead