Advice on 12 uni Apartment Purchase through Seller Financing

[Nevada Amack]

I have stumbled across someone willing to do seller financing on a 12 unit apartment building on a total of 10 acres in a small MI town.  9 of the acres are open for development and the city has recently added water, power, etc access to the undeveloped land. I do not have experience with setting up a seller financing deal and would like some advice on some creative deal making here. I think there is good potential in the land development of the empty acres since it is adjacent to a small college and shopping area.

 The seller's wife, who managed the apartments, died recently and he doesn't want to manage the property.  The property has been on the market 260 days.

The apartment is in good condition and he is asking $795K. He is willing to add the 9 acres onto the deal for $125,000. The total $900K. Most properties in the town are small multiplexes/duplexes.  The apartment building and land are in a good neighborhood/town, low crime, near a small college. The apartment consists of six 1 bed, 1bath, and six 2 bed, 1 bath.  Currently 4 rooms are vacant since he is not wanting to deal with the rentals. The vacant units are move in ready. I spoke with PM in town who said there is no reason for the vacancy in that building. Additionally, the rent in the units could be raised a little.

Monthly rent (when all units are rented) $7,050.

Income: $77,832 (including 8% vacancy rate)

Expenses: $34,000 (including taxes and maintenance for the vacant 9 acres)

Expenses (w/o 9 acres): $32,000

NOI: $44,832

NOI (w/o 9acres): $42,832

Any thoughts on structuring a deal? Thank you.

Nevada