Deal Advice (It's okay if someone picks this up)

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Hey all,

Just wanted some advice on a deal.

 I have a few colleges on BP who i'll regularly send and ask for feedback.

Included is Proforma and income statements along with rent rolls.

http://www.loopnet.com/Listing/19838163/4522-Gasto...

4 Plex in east dallas area, built as sfr but owner seemed to have turned it into a 4 unit (1r 1 bath each). Cashflows 32k a year (11% cap).

I understand the intrinsic value of the property is pretty much none and it'll have to be torn down at some point because it was originally meant to be SFR, atleast that's what i've heard thus far.

So what's the approach then? Use that as leverage in negotiations and get the guy to drop another 70k in price? is it a good deal then? Get him to drop 70k and ask seller finance and count on cash flows considering the risk?

Any insight would be appreciated.

Thanks again!