80 year old "Joe" wants to sell his duplex.

[Jason C.]

Analyze this:

http://windsor.kijiji.ca/c-real-estate-houses-for-sale-DUPLEX-2-UNITS-EACH-WITH-2-BEDROOMS-W0QQAdIdZ384870985

I looked at this downtown duplex, it needs a full cosmetic rehab.

Owner has had it for over 30 years, no mortgage owing.

He showed me an expired listing for $159,000 last year, it didn't sell.

He has it listed above for $110 but as he was showing me around he said he will give it to me for $90k. It's a pretty big place. Once cleaned up it could rent for $1500 plus utilities. All separate meters.

As I was leaving, I said I would think about it, he said "Okay, make it $85,000."

I said, thanks Joe, I will let you know.

He called me a couple of days later and left a voice mail asking me to call him back.

Any advice on this?