Deal help - 8 units, first timer
Small town NC. Building from 1940s, divvied up into 8 apts - four 2/1, four 1/1. 7 are already rented. list price is $95K, but hoping to get for less. Local Bank will do 75% @ 5.5%, 15 year amort. w 5 year balloon, roughly $650/month payment.
Rents on 2br are 375, 1 br is 350, so about $2600 income monthly now but closer to $2800-2900 with all filled.
Maintenance I'm sure would be brutal but no matter the numbers I run, everything looks good about this, even if it's low $ per door. Main concern is the area and exit strategy - the town is small, rural, and not growing.
Advice welcome!