Need advise on househacking 2 unit property

[Venesa Ocasio]

Hi everyone, I’m new to the BP forum and I am seeking some advice on whether or not to purchase a multifamily 2 unit property. I found it on the mls for $375,000. My husband and I went to see it yesterday and it’s in need of at least $75,000 in updates or more. It has two separate apartments with 3br/1.5 baths. Separate utilities. One unit includes a finished attic and they both have a basement. They both need a complete kitchen remodel and bathroom remodel with new flooring in both apartments. Currently the renters are month to month and their rents are below market $1,000/$1300. The sellers realtor stated after remodel the rents can go to $2,000. This is in Illinois in a great market with rated 10 schools. My husband and I would like to live in one and rent out the other. The original price on it was $450,000 and she lowered it to $375,000. The seller was given this property by her grandfather and she realizes it needs ALOT of work. She wants to get rid of it. My question is what is a good offer? Sounds like the seller is very open. Also, we have to sell our home and would want to add that contingency and the seller is also open to that. Does it sound like a good deal? A similar property on the same block is listed at $450,000.