Newbie investor: would you buy?

[Sara Brown]

Hello! Newbie investor here, need some advice and want to know if I'm thinking through everything. A little background first: Bought my own house ten years ago. Fiancé moved into my house last month, and instead of selling his home we decided to rent it out. Learning a lot about being landlords very quickly. We are wanting our next step to be purchasing a multi-family property. Found one that seems promising when it comes to cash flow but the asking price seems high. Current owner bought this 5-plex last year for $106k. It's a sellers market currently where I live, and they wanted to list it to see if they could take advantage of a quick profit. They haven't done any improvements to it. Roof, heating, air, all in fair condition. Listed currently for $165k. All units are currently rented and bring in $2k/month. I'm looking at about a $1k/mo. mortgage with 20% down. So it would cash flow $1k/month. Even tho the asking price seems high.. the cash flow seems right. What am I missing?? Would you go for it or not? If you would go for it, what would your offer be?