Analytical Paralysis, Help!

[Casey Charkowick]

Hey BP Folks!  

I've been VERY trigger shy over the last few years, and as a result missed out on a few good opportunities. I have one in my lap now that I think is a go, but still a bit paralyzed. It's a 3 family, two 2 br and one 1 br. List price $250K. The seller is a retired contractor who doesn't have it in him to do the reno and management. Place is FILLED with junk, which I am willing to keep to make the offer as clean as possible (I know I can make good use out of lots of it anyway). The listing agent says that the place needs $100K. I strongly disagree. I have a background in carpentry, with capabilities in electrical and plumbing as well. I think I can get all units rented with $10k and sweat equity. Exterior will eventually need $25K in upgrades, but not to get it rented initially. The property has an added bonus, there's a small, roughly 600 sq ft. "shed" out back. It is insulated and has power with a loft upstairs. This can be renovated and rented as a standalone cottage as well. That would be the last project. 

I have an investor who will front the down payment. I figure I can cash flow $2780 once all units are rented. Being conservative, I plan on $0 income in year one, then if I can keep it rented 9 months/year, $25K/year after that (full occupancy would be $33K). 

My biggest concerns are: 1. heat is electric, and this is New England; 2. no laundry in any apartments, and it would be challenging to add hookups; 3. exterior needs new siding, and probably lots of unknowns; 4. I can do all work myself, but I work full time so I actually cant - I do not have a contractor and would have to rely on unknowns if big issues arise. 

I have an offer letter in hand and this place will be gone within 24 hours, so I have little time to worry...

Any feedback would be greatly appreciated!

Thank you! 

Casey