3 condo deal partial owner finance

[Jos Quoc]

Good afternoon BP community,

I stumbled upon an opportunity to buy 3 condos in a lower income area for 32k combined cost. The seller will hold note for one property for 12k no interest, ballon payment at 1 year. The market rent is $700-$725 with HOA fees are 248mo and property tax at 118mo. I spoke to the property manager and he himself owns 15 units in the same complex and would be willing to do property management for me at $25 a unit per month. The units in this area seems to go under contract the same day it's listed. I found this deal by chance and it's not currently listed anywhere. I live approximately 1.5hrs away and would like to make my first rental income property local to where I live however this opportunity seems to good to pass up. The units would need about 1k each to get them rental ready as well. Any insight The BP community has would be appreciated.

Thanks,

Jos