Is this a good deal

[Tim Cooper]

I would like to get some opinions on a property.  I found a 3 unit in a near by town that is a bank repo by an out of state bank.  It has two 1 bed and one efficiency apartment plus a 2 car garage.  I drove by and talked to a lady I saw outside.  She  and her husband has lived there 5 years.  One lady just died and another went to assisted living.  So currently 2 of the units are vacant.  The lady and her husband are painting the units for the bank.

Outside looked OK.  There is a steep hill that slopes directly up to the back wall that makes me a little nervous.  But it's been there since 1952, so it must have been retained pretty well.

I didn't get to see inside yet, but I'm guessing there is some deferred maintenance but have no idea.

This is what I would guess to be a B building in a B+ neighborhood.  (I never have found a definition of the grading system of properties and neighborhoods.)

Here are the numbers:

Asking price $69,900

Rent 1 $435

Rent 2 $515

Rent 3 $530 

Taxes  $222

Maintenance $74

Cap Ex $148

Garbage $50

Vacancy $148

Let me know if you need any more info.