New investor needs advise on a deal

[KC Conti]

Hello,

First of all, thank you so much for taking the time to read this. I have kind put myself in an analysis paralysis situation. I am a new investor, and I mean REAL new! So if you are kind enough to comment, please be gentle.

 I am trying to buy my first rental property. I have narrowed down my desired niche to small multi-family properties, close to a college as I have a lot of experiences dealing with college students.

I am in upstate NY, and if any of you are familiar with NY, the taxes are brutal.

I found a 3-family (currently rented, $2700 a month income) in a college town. Assessed at $50K, with taxes at $3K. The owners want to sell it because they are moving back to NY and want to buy a house, and need a good amount of cash. They want $164 K for it. To pay that amount in that town means the taxes triple, and makes the return on investment, not really worth it.

I would like to buy the property at the assessed value in cash.  Then pay the owner on the side with monthly payments on the rest at a higher interest rate like 8-10%. This way they get their asking price, a large chunk of cash to put down on a house, and they're new mortgage will most likely be covered by my payment. And I can keep the taxes at close to same rate.

They might not even take the deal. But I guess I want feedback if this is a good deal or if I am way off. I am trying to find a win-win for both of us.

Thank you so much for reading my lengthy post! I appreciate the feedback.