How do I handle this (my first) FSBO cash deal? 80k/12% Cap Rate

[Matt Charette]

I'm interested in a multi family that's FSBO. This would just be my second property and this seems daunting. It's a cash only purchase of ~$80k that on paper would be a 12% Cap if their numbers are accurate/truthful.

What questions can and should I ask them?

I want to ask them why they’re selling if the money is so good. Is this wrong, too personal?

Also, how do I even go about doing this? It’s out of state already and I’m not sure if I should have a buyer’s agent.

Should I make an offer with contingencies included in the offer? For example proof of rental income, inspection, appraisal. If its cash only should I even have it appraised if the numbers are great and the price looks fair?

The seller’s response to my initial email:

"Currently we have apts rented for $600, $600 and $900 a month with utilities included. The $900 unit is actually the larger 2nd floor apt that we connected to one of the vacant efficiency apts through an adjoining door. One of the $600 units has a history of renting for $800 but needs flooring and paint. I moved a tenant in at $600 in the current condition on a month to month basis. He would like to stay and is willing to increase to $800 when updated. There is another small functioning apt that we currently allow a handyman to live in rent free. It would rent for $400. The total utilities avg $500-$600/month for gas, water and electric. Property tax is $2400 annually. I don't have square footage info"

I initially posted this in  the in the Real Estate Rookie Facebook group, but realizing it's probably not the best place.