Is this is good deal?

[Barry Wallace]

Hello Everyone,

So I recently came across a 9 units complex that is completely rented and grosses $4900 per month.  The owner is selling all his properties to retire and this is just one of his now.  I have listed the details below along with the financials.  Can anyone tell me if this is something they would move on?

Purchase Price - Asking $349,000, would consider $320,000

yealy Grosses - $4900 / $58,800

Yearly Expenses ( Property management, Insurance, Maintenance, Utilities, etc..) - $24,000

With financing at 5%/20-year private lender with only $6500 out of pocket upfront, my monthly total expenses would be $4,393.27 with debt service and a total income of $4,900.  This gives a $540.39 monthly cash flow while still covering all the expenses and anticipated items.  The owner recently remodeled a lot of the building and most tenants have been there for 4+ years and don't want to move.  I believe the monthly rental rate on some of the units is low and it would bring it $5400 if increased over time.

I appreciate your feedback.