Invest the "AS-IS" 21 units building

[Mike Zhou]

My partner and I are in the process of acquiring a not so well maintained ( Pop had it for 20+ yrs) in a small town. The seller would provide an "adhesion contract" to sell the building for 85K "AS-IS", ARV is difficult to calculate since it is no COMPS in 30 miles. The occupancy is around 60% with 6 units need to total rehab. current NOI is around 3K/m. Rent is bit below market due to the condition. I have read through the "Due Diligence" book, with the deal we negotiated, seller agrees only to do the "AS-IS, Whereis" contract. What do you guys/gals think ?