Great find on a business and condo building. Help on risk & numbers please:)

[David Huynh]

Hello Bigger Pockets community.

Background:

I'm in my infant stages of being a landlord - 2 properties, 3 tenants. It seems like I might have hit a jackpot find and need assistance looking through the numbers. I was out looking for property to rent and found an amazing condo above a business office. Their asking $800-900 for a waterfront view, 1 bed, 2 bath, 1000 sq. feet. Upon discussion, they let me know their looking to sell the entire unit. 2000 sq. feet of business space (currently occupied), 1000 sq. feet condo above the business water facing and another 1000 sq. feet condo above business alley facing

Property:

500k

Rent to own option 10-15% down, 

4000 sq. feet total, 3 units (2000 sq., 1000 sq. feet, 1000 sq. feet)

Lower level rent - $2000-2500

Above level rent - $2200-2500

Property taxes - $12,000-13,000

Insurance - unknown

HISTORIC building, so I do not know what additional costs would be associated.

Income: $4,200-5000 (which doesn't seem bad for a $500,000 price)

Would you do it? I don't know if there is enough information here or not. But looking at the numbers alone, it is a downtown location that seems prime. What would you do? What would you ask?