What To Offer On An 8-Plex

[Jeff Russell]

Hello. I don't know how much to offer on a multi-family property I am interested in. It is 32 years old and has 8 units, which are 1,218 sf. each. They are currently renting for $565. and the interiors are not too old. They look really decent and fairly updated. They want $45,000./unit. It is not in a flood plain. How much could I raise the rents next year, if I do get it and the bigger, more important question is: how much should I offer, below the asking price? The roof looks to be in good shape and it has a brick exterior. Not sure what else to mention. I, of course, will have any offer I make contingent upon a satisfactory inspection and an appraisal. Would 10% off the asking price be too much? It has been on the market for 152 days. What say you all? Thanks for any help you all can give me.

Best regards,

Jeff