OWNER FINANCING 4PLEX

[Ed Akhionbare]

hello guys this is my first time looking for incite on this platform, so please be nice. I am current in the process of negotiation for a 4 unit 1bed/1bath  property seller is offering owner financing or full cash payment here is the run down and give me your opinion on it .

asking price is 62,000( accepted 60000) 

30 percent down

7percent interest

5year balloon(paid cash or private loan )

10 year amortization

current total rent (all 4 units total)=1350dollars a month

all utilities are paid by tenants (electricity and water),no grass to be cut (all concrete)

now I plan on managing myself even though its a 3 hour drive from me(plan on getting local handy man to take care of maintenance when needed.

note this is in a military town.but it does have a diverse population with job opportunity other than the service.

I will like your 2 cents on this deal..

another thing the building is made from concrete blocks(don't know how that affects anything..just threw that in there),,thanks