7 Unit Property - What should I offer?

[Richard Bradshaw]

I was driving and saw a property that was obviously a multifamily and it looked a little distressed. Roof definitely needs work, still need to see the inside when I meet the owner at the property on Saturday. 

The property is located in Bethlehem, Pa and consists of 7 units (4 two bdrms and 3 one bdrms) with an average rents of $700. According to the county assessors website, the taxes are $917 annually (I know, wow thats low!! I'm pretty sure that is accurate though). Owner only pays for WST, which I'd estimate at $600/mo (3.5x my duplex), the below per month

Vacancy:	$392.00	Repairs:	$98.00
CapEx:	$98.00	Water:	$200.00

I know I can add value to the property with a light rehab; $50,000. The rents are below market value. There are also a lot of new developments and an expanding/newer Casino which sparked development in the city. I am bullish on this area. 

Let me know if you need any more information to make a better assessment. 

I've been dealing with single family and duplexes; I am only in my first year of REI, 3 properties in. Larger multifamilies is where I want to go next.

Thank you!!