Need Urgent Help Dissecting Commercial Real Estate Deal!

[Christopher V.]

Hello all,

I'm in talks with an owner of a 3000 sq ft 4 unit building with manufacturing zoning. I'm going to tour the building tomorrow at 9am CST. He's asking for $299,000 but he's very motivated so I know there is wiggle room. At the moment he has 3 of the 4 units rented (upholstery company, lawyer's office, and not sure what the other one is). For those with previous commercial real estate experience, what main things should I be looking into or asking? Here are the knowns:

Rent per tenant: $750 (this is below market value due to deferred maintenance, I believe $1,000-1,200 is more realistic)

Property taxes: $900 per year

Landlord insurance: $1,000 per year

Landlord pays water/trash: claims to be $125 per month (will ask for proof)

Landlord is in charge of snow removal and mowing lawn

There are 5 electric meters, each tenant pays their own (landlord covers hallway and outdoor lights)

What I plan to ask for is the copies of the leases, copies of the utility bills, and copies of bank statements showing the tenants are actually paying on time. I'll also ask to interview the current tenants. He has a survey done. I'll obviously ask if there are any big issues he knows about (I believe it's in his best interest to disclose since if we go to contract, he'd have to legally sign saying he's unaware of any major issues). I'll also if he's interested in owner financing as he owns the building free and clear. If not, I'll go the traditional lender route with 20% down but no realtor, just a real estate lawyer I've used to buy land before.

Any help/thoughts/etc. would be very welcomed. Thank you all in advance!