Owner financing, analyze this dea

[Jason Lamb]

Hi All, So I am still looking for my first deal. I have a customer/friend who has a 4- unit building that is willing to owner finance. We briefly discussed some numbers and here is what we have initially came up with. The property just appraised at 363k Has new roof, has just been painted. The boiler is about 10 years old. just replaced the water heaters with an on demand system and I have replaced and or repaired all the faucets and toilets. Most tenants have been there for 5+ years Rents have been raised after he bought building with 1031 exchange about 2 years ago He would like to balloon out in 5 years with a 6.5 % rate Rents are as follows Unit 1- $975 Unit2- $850 Unit3- $850 Unit4- $850 Total of $3525 Taxes -$6000 Water/sewer-$1800 /year Electrical-$50/month tenants pay their own electric. This is just the house meter Oil-$2400/year steam heat Gas-$100/month water heater and stoves Insurance-$2100/year I would self manage not sure what I should leave out for that. This would be my first experience being a land lord so I'm sure i am leaving things out But any and all help would be appreciated!