Is this a good deal or bad deal?

[Gregorio Martinez]

Hello BP Members,

My wife and I are looking to get into Rental Property Investing (Multi-Family), and we may have found a property. Let me know if you think this is a good or bad deal?

Property Info: 

Single Family, however has a back house that could be used as another unit to rent. So more like a Duplex, but back house needs some work to be converted.

Property still needs work, at least 15k to 20k of repairs.

Comps in the area are low, Range 85k-90k

Market Value- $67,000

Asking Price- $87,500 (Not turnkey but seller still going based off comps)

Offered Price- $66,000

The Seller counter backs with $82,000 and says can't go lower.

I countered one last time with $70,000 and pay closing cost as well, if they don't accept I'm moving on. 

Rent for each unit based on comps is between $800-$850, based on the BP Calculator the property will Cash Flow around $532.00  

If they accept $70,000 and I have to put in 15k-20k of repairs in property, is this considered a good deal or bad deal even though it would be cash flowing?

I won't go any lower and I am definitely going to keep emotions out of this.

I hope to hear your feedback!

Thanks,

Gregorio Martinez

[Caleb Heimsoth]

@Gregorio Martinez You may be confusing terms but if market value is 67k abs you’re paying 70k plus another 15-20k you’re paying way over market. I doubt your cash flow is accurate either