What are your thoughts on this deal???

[Dave S.]

So Im getting my feet wet with apartment complexes and came across these off market properties. Here is the deal....

Property is from about the 50s with some work done to it in ~80s. Current owner purchased for $350K ($100K under asking) in 2014. Did no work to the exterior and only renovated half of the units (building has 9 total units). Supposedly he didnt renovate the others as the tenants did not want to move. He is now asking $800K! Our numbers dont work out until about $500K is it unheard of to go in at such a lower offer? Is there any cover sheet or summary i should submit with the offer to show justification? Oh, the place is fully rented now at about $75K gross income.

Thoughts???