Making sense of buying a 4 plex

[William Goodlett]

There is a 4 plex that is for sale. I have talked to a local bank that said they would give me a fixed rate with terms of 180 months at 5.29 percent or a line of credit and have to put up a home or two that I own free and clear at 180 months and 6.79 percent. 

  The 4 plex is said to be able to bring $500 for each unit. They are remolded. They currently rent for $400, $400, $300, and $495. The total expenses are $8500, plus $1807 taxes. 

   I'm trying to see if this is worth me buying. The price is $145,000

  The homes that I have clear $600 plus a month. They only are valued at $50,000 each. So I will be giving up 3 homes for 15 years.