Triplex for 10K

[Samantha Klein]

I'm looking for opinions. My good friend's dad filed bankruptcy and he had a triplex he lost in it, and the trustee doesn't want to deal with it because they just had to evict the last remaining tenant and he came back yesterday and kicked the front door in and slept there overnight. I am being offered to buy this Triplex for 10K, it needs a new roof, floors throughout, holes in wall fixed, new cabinets in all 3 units, it needs a total overhaul basically but my friend can do all the work cheaper than hiring it out. I believe the rehab will be at least 30-35K, but I am going to budget 40K. My issue is right now I am closing on another duplex for 70k all cash in 2 weeks and I don't have all of the total funds it'll take to complete the job however this is a super rare opportunity.

The ARV will be 120K or so and I should have 45-50K all in, I don't plan on selling it but to hold it for the cash flow which it will rent for 1600 total rents. Would it be a wise decision to buy it, do the updates as I can afford them and slowly get the units rent ready? FYI: I can afford the 10K to purchase it and I can also afford the roof but the rest would have to wait.