First time home buyer - Multi-Family deal analysis help

[Seshu Yaramala]

Hello All,

I am looking to buy my first real estate property and decided to start with the multi-family house. I have found one 4 unit house and looking for your help with deal analysis, below are the details of the property.

1) House located in Stratford, CT, built in 1860 so very old house needs total renovation.

Price:$279,900

Units: 4 (all are 2 bed 1 baths)

DOM:162

Total SqFt +/-:5,406 +/-

$/SqFt:$51.78

Zoning:RS-4

Acres:0.35 Acres +/-

Age:154 years (1860)

Lot Desc:LEVEL

Attic:Yes

Exterior:Stone, StuccoRoofASPHLT

Heat:Gas, HT/WTR

Cooling:None

Basement:Crawl Space, Full, Partial

Water/Sewer:City Water, Sewer, Sewer Fees

Garage/Parking:OFF/ST

Waterfront:No

REO:No

When I looked at the property there seems to be water in the basement at some point, so i am thinking it might be in flood zone (I have to confirm with agent yet). As I said it needs complete renovation. Any suggestions on whether or notit is worth to take this project given the price and house condition. Also appreciate any advice on what would be a good starting offer for this..

Thanks,

Seshu.