What is a good offer for this Apartment building?

[David Stanford]

I'm considering making an offer on a 17 unit apartment building in the southern suburbs of Minneapolis/St. Paul, MN.

Here are the summarized numbers from the owner: He keeps very precise track of all of the apartments expenses and incomes so I take them at face value. 

Annual Income 2017: $143,000 (10 1bd/1ba, 4 2bd/1ba, 3 studios and 15 stall garage)

Annual Expenses 2017: $68,000 (includes $21,000 in repairs/capital improvements, $4,600 in heat, $7,300 in insurance and $17,500 in real estate taxes. They do not include property management as he managed it himself.)

NOI: $75,000

The property is well taken care of with all major expenses taken care of within the last 10 years. Rents are at market rate. 

In my view, there is very little space for improving the operation and is a turnkey building.

The reason I am considering it is it's location is very convenient for me to manage, I know the area and am confident in the rental market there. It is not being marketed for sale to the general public, I only know about it because I happen to connect with the owner by chance.

What would a fair price be for this type of property and what kind of terms could I roughly expect from a commercial bank?

I'd appreciate any input anyone has on this. I am new to the apartment market. If there are any other numbers you'd like to know, just ask below.

Thank you.