MFR in Vallejo, Great deal for Seasoned investors!

[Wolfgang Hagar]

I don't know if this is the proper forum to post this but I thought I'd try.

I had a first time investor buyer walk on a great deal in Vallejo, California for a MFR. Its is a triplex near downtown and the ferry building.Vallejo is the second hottest market in the country right now.The sellers are very very motivated. The property was built in 1895 and would be great for a buy, improve and hold investor. It can easily get more rent than it currently is.

We went in at 375K and the sellers seem flexible on that price still, to keep the deal moving, but the buyer didn't know what he was doing. Comps are at 400K and up for less desirable MFR's. Rents are currently $1,400, $900, $800. Property was appraised twice. Once for $375k and the second time for $370K.

The listing agent is giving me a few days to find a new buyer before she she takes it off the market.

Please reach out to me soon if you want any more information.