12 unit multifamily in Midwest area

[Stephen Jones]

BP,

I am in the process of purchasing a 12 unit multifamily property, I am wondering what investors in my area (Midwest) would pay for this particular 12 unit property? I just want to make sure I am not overpaying during this pandemic. Considering something better may come up here in the near future with everything going on. The details are as follows:

- Location- Bethalto, IL- Population around 15,000- 20 mins outside of STL area. Great school system/community

- 2 buildings- 6 units in each building

- 2 Bed 1 Bath units

-1000 sq ft per unit, appliances included, washer/dryer hookups in each unit

- built in 1998 so fairly knew

-Rent Roll is low and will need to be raised- Currently at 590$ per unit 

- Very low vacancy rate in the 15 years the owner has had them

- New roofs, Air conditioners

-Building structure seems very good.

- Another plus is that I own 16 units just down the street so the location for me is helpful.

His initial asking price was 650k and now he is thinking he needs to be at 700k. I personally think 700k is way too high, especially with his current rents being as low as they are. Anyway, any advice would help. I would GREATLY appreciate it. Thanks, hope everyone is staying safe out there!