4 unit Deal Analysis

[Cowan Bucks]

I’d like some feedback please !

I made an offer on a 4 unit back in 2015. The owner decided he didn’t want to sell at the time. I just received a phone call today 5 years later from the owner stating that now he’s interested in selling. The owner is now 78 years old and wants to retire. He happen to save my contact info and wanted to know if I was interested in buying before he lists the property with a realtor.

4 unit building built in early 1900’s

Approx 4200 sqft

Well kept building.

B class Area

3- 2bd/1 bath

1-1bd/1 bath

Asking price $235000

Property tax $4850

Total rents $3200

All utilities are split.

Owner pays trash.

The only other multi in the area was a 6 unit (commercial)

Approx sq ft 8900

Sold for $440,000

Thoughts ?

Thanks !