Hows this look?

[Corey Woodruff]

I have a friend of mine that owns a 3 unit house(so 3 apartments all 1 bed 1 bath) willing to do owner financing, but he owes money to the bank so my question what kind of deal can i work with him? subject to financing or would a land contract work as well? 

Home: 3 units (1 bed 1 bath) KIND OF A BUMMER

Rents: 450 each unit totaling 1350 

Mortgage to him: 10 % down and  around 400 a month. 

taxes : 800 year 

insurance 1000 year 

rehab cost : 5000

cash on cash: 57% 

cash flow: 406 monthly total from all three units

any advice on how i should purchase this would be greatly appreciated. It sounds to me that he is a few months behind on payments