Is there a Seller Financing option to turn this into a deal?
I am looking for a little strategy on this situation. I live in a nice neighborhood in Las Vegas. My next door neighbor (older couple looking to relocate to Kentucky) is selling their home, which is the exact model of home I am in and appraised for about $400k. He is looking to sell for $400k but so far hasn't had much interest. His home is in great condition, but looks exactly as you would expect an older person's home to look.
I havent talk to him about buying his home, but I know it is paid off. I know the expenses of maintaining these homes very well obviously and estimates maintenance, vacancy, HOA, cap ex, taxes, insurance, etc at about $600 a month. I am sure we could rent these homes out for $1700-$2000 right now, which I would have to price on the lower side based on this market.
So, getting to the point, I am just learning about options for seller financing. Is there any way to make this deal profitable for both of us? Buying it outright with a bank is not going to cash flow anything enough to be worth it. But what type of seller financing options would you consider to make this cashflow but also a win for him?