Advice on Multi-Family Property Opportunity

[Dan Galvan]

This ad is for a property that I'm familiar with regarding location/address.

Ad: Older 4 plex, approx 5000sqft, needs updating, selling as is. Selling due to health issues. Asking $259,000 negotiable. Email for details.

Contacted the sellers regarding numbers and this is what they provided:

Rents are 4x950=$3800 Monthly

HOA dues for all 4 units: $580

Owner pays for water: About $400 month

Yearly/Annual taxes are $5362 or about $447 monthly

Property Insurance: $309 per unit, so 309x4=$1,236 per year or $103 per month

Property is currently bank financed so the owners can not provide owner financing.  

Final Numbers:

$3,800 - $580 -$400 - $447 - $103 = $2270 monthly cash flow.  

My thoughts: 

1. Owners really want to sell and according to their ad, are willing to negotiate on price.

2. According to owners, property has no damage, just needs some updating. (will visit property and inspect myself prior to making an offers).

Any thoughts, advice or recommendations would be great!!!!!

Thanks,

Dan