Opportunity or Mistake

[Chris Penree]

A friend of my family is looking to get rid of rental properties he’s had for decades. There are 4 dwellings - each with two units. 6 - 1bd units and 2 - 2bd units. All fully rented - most long-time tenants. Each unit has its own boiler(old), water tank, gas meter, and electrical box. I didn’t get a good look in the apartments but (as you can imagine) they’re old and not the best interiors. Old windows except for the bathrooms. The sidings are all in decent shape though - a mix of aluminum and vinyl. The roofs on the three smaller buildings are between 10-12 years old. The one bigger one's roof was just redone last month. The basements are in good shape. Didn’t see much water except in the bigger one and he has two pumps set up to deal with it.
6x 1bd - $450
2x 2bd - $675
$4050 total

He said he's asking $325k - I might be able to get him down lower. I feel like that price values the dwellings too high based on what I saw inside. I don’t know what the taxes are or what the insurance and other expenses would be yet. I planned on calling and asking him this week. I'm new to all this, but I've been doing research (I found you all) and I think I could get him to do seller financing.

A big thing holding me back is the fear of late-night calls to fix something or whatever. I can't find a good property manager locally.

Any thoughts from you all experienced pros I would appreciate. Should I go for it?!

[Taylor L.]

You need to get a General Contractor or someone qualified to look at the property and give you a budget to get them up to market conditions. Then you'll know whether his price is reasonable, and you'll have ammunition to talk him down.

Where are these properties? The BiggerPockets network might be able to help you with a PM referral