Looking for some advice on a potential deal
I am looking at a 3 unit 3000 sq. ft. (potential for 4 or 5) priced @ $135,000. 2 of the units need updated, potentially just gutted. The siding will need to be painted and eventually changed to vinyl siding along with 28 new windows. I offered $105,000. Seller came down to $120,000 and won't budge off of that price. I can't decide if I should go ahead and give them the $120k or move on. Currently the 3 units rent out for $500 a pc. If updated they should easily rent out in my area for $650 to $750 a month. I think that @ $120,000 it is still a good deal and would like to do a buy, rehab, rent and refi. Just looking for some advice. Thanks!