Land Contract Multifamily -Michigan
I have two properties I am looking to purchase near Brighton, Michigan. Both have one bed, one bath and a two bed two bath apartments in them. Both owned by the same person who is willing to do a land contract deal. One home has had the same tenants for 7+ years, while the other is vacant due to needing repairs and C of O. The current owner has told me he is selling the homes because he wants to move to Canada and has no interest in being a landlord any longer. The owner is asking $150k for each house. From the chicken scratch financial records I have saw the rented house averages 17k a year income with 10k expenses. While the current vacant house rented for an average of 16k a year with expenses being around 9k. This does not include any major repairs. My Fiance and I are having a hard time deciding if the investment is worth it. What is your opinion? What do you think would make the investment worth it? What would be your deal breakers? I am open to all opinions and suggestions. I want to purchase but convincing my Fiance seems to be a challenge.