How much would you pay for this 6 unit?

[Mike C.]

Link to property listing

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I was already outbid on the above property, so I would like to see what you guys would offer for this property.  I seem to greatly under value any property I am interested in.

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Notable property information:

• 2 units have been vacant since January.  4 are currently rented, all month to month.  Tenant #1 has been there for ~2 years, Tenant #2 ~5 years, Tenant #3 ~ 8 years, Tenant #4 ~15 years(elderly, recent circumstances may lead to moving) 
• 3 units have a rent of $475 and one unit is $550.  The unit pulling in $550 is due to shared sewage.  I believe the rent is reasonable for the area.  Check out a nicer place's rent: https://aspen-woods.net/
• All the units are completely electric.  The electric baseboard heat can run 300-400+ a month and insulation is crap.
• All units have separate utilities except for the previous statement about the sewage.
• Taxes are ~$5400
• First floor ceiling is only 7ft.
• Built in 1966 and built solid, however, very dated.  Renovations and repairs would probably be needed unless you want to milk and slumlord it.
  
• Repairs were done to the bear minimum.
  
• Roof and some windows/doors have been replaced sometime in last 10 years.
• .5 acre lot
• Each unit has 2 bedrooms, 1 full bath, eat in kitchen, and living room on the 2nd level. A small 1 car garage(only 1 tenant actually uses it), laundry/storage room, and a "bonus" room right when you walk into the units is on the first floor.

If there is any more information that you need, let me know. I spent a good while actual speaking with 2 of the tenants.