Too good to be true?

[Daric Carter]

I apologize in advance if this has been discussed recently. Here goes...

Yesterday, I went to view a 4-unit property for under 116k. Two units rent for $190/week and the other two units rent for $180/week.  The owner pays about $850-900 in utilities (electric/water/direct TV).  He ran the place himself, collecting the rent weekly. He doesn't have any leases or rental income documentation. He disclosed there is one tenant who is a few months behind. I live about 45 minutes away, so I would use a property management company.

Any suggestions on this one? 

Thanks!