Odd Property

[Mike Baker]

We are looking at a property near the campus in our town. It is different in the fact it operates more like a long term hostel, so because its so different then anythinig around it, it has been on the market almost 2 years (which is unheard of here).
It shows a cashflow of $1000-$1500 a month.
It was built in 1948, and the current owner appears to have kept it up, but is just tired of it since he lives 1 1/2 hrs away (one way).
It is a 10 bedroom, with 2 shared kitchens and a common room.
Realtor thinks he would take $280000, and may owner finance.
I am interested in this one, but wanted some feedback.
Thanks,
Mike