2flat and SFH on same deed
Hello, this is my 1st post, so please bear with me. I live in the West Chicago suburbs. I have been interested in buying and keeping rental properties for many years, I ended up buying my 1st house when I was 22. Now just a few years later, I want to earn passive income with the goal of early retirement. My grandfather owns rental property and he has always known iv wanted to buy it from him. I was raised on this property so I know it well. He recently told me it's mine whenever I want to buy it. He has a 2 flat both units are 2beds 1 bath, large ktch living and dining room. There also is a SFH 4bed, 1&1/2 bath large living & dining, on the same mortgage next door. I want to know what the Very Most I should pay for them both and what the ideal price would be. I don't want to rob my grandfather but at the same time I want to be able to earn stream of income.
Each 2flat unit rents for $800 & tenants pay light and gas
Total $1600
SFH rents for $1500 and tenants pay light & gas
So the total net income is $3100 per month
There is some work to be done, siding on 2flat, a few windows, electrical updates (I am an electrician) and I am pretty handy.
I appreciate and am open to any info that helps. Please feel free to comment or ask questions.
Ps the area seems to always have renters. It's an average area, not the best but not the worst.