Good Deal or Bad Deal

[Mike Mullins]

Hello,

I have a deal and because it would be my first property I wanted to check with BP to get some feedback.

There are 5 small apartments on the second floor and a 3000 sq ft retail space on the ground level. The 5 apartments rent for $450 but currently only 3 are rented. The lower level rents for $1,000 but is currently empty. It is very conveniently located near the interstate but not so close there is road noise. The 5 apartments do not have washer/dryer in them.

The price is $250,000 with the owner willing to finance $50,000 for 10 years.

What are everyone's thoughts on this deal?