Questions about this Multi deal?

[J Sparks]

The offer is a 40 unit section 8 complex in New Orleans. It's gross yearly potential rent is $444,336 at 100% occupancy. Expenses are at the 50% mark so NOI is $222,168. He has already made 300k in repairs. Downside is it needs 450k more in repairs and it is currently completely dark. Good side is it still has the 50% depreciation bonus available till the end of this year. His offer is: buy his LLC for 900k and then you can make the repairs for 450k yourself.

My question is how do you factor in the fact that it is completely empty into the purchase price? Also, what would be a ball park offer price with those considerations in mind along side the tax benefit of 50%?

I'm assuming the buyer has an equal gain who can write off the dollar for dollar bonus depreciation.

TIA

Sparks