Merging a property with my 50/50 biz partner

[Mitchell Weber]

Hello,

My business partner and I own an LLC 50/50 with currently 2 successful multifamily properties. Before we joined together, my business partner house hacked a duplex, we he still owns by himself. We manage our own properties. He is looking for extra cash and potentially interested in transitioning the duplex into the LLC, therefore I would pay him a fair amount, and I would own 50% and he would remain with 50%. I'm having a hard time finding a fair and accurate number for starting this conversation. Was looking for anyone that has done this before, or has a simple way to analyze and give a fair payment. Information on property finances are below.

Duplex mortgage outstanding 175k on 3.75% over 25 years, 24 remaining. 

Rental income 2850 a month.

Mortgage/tax/insurance = 1320

Fair market value, could easily sell for 300k.

Property is in great shape, completely finished, no major expenses expected at this time, for this analysis purpose.
Any insight would be appreciated, we are interested in 50/50 split, not me purchasing the property myself.

Thanks