Seller with 8 homes, minimal equity but willing to subject 2

[Michael Kappel]

I hate to pass up on a deal but I am not sure there is anything that can be done here.

Seller called from yellow letter with 8 homes he is interested in unloading.  All homes are on 30 yr fixed at either 4.25 or 4.5% The problem is he refinanced under HARP back in 2013 so most of his equity was pulled out. On average there is only 5% equity on each property. 

All properties are currently rented and getting above normal rents. If I factor in market rents for each property plus 40% for expenses we would end up with a positive cashflow of $378 total for all 8 properties.

I would like to see $100 per door as a minimum but given the 30 yr fixed rates and his willingness to sell subject 2 I hate to pass up on the deal. Is there any way I can turn this into some profit for us? All ideas are welcome!