I need feedback!!!

[Bobby Beard]

Ok here goes, first post also!!

Found a property about 40 min from me. It is a 12 unit building with 2 Commicial units in the front. It has 4 two bedrooms and 8 one bedrooms. The Commicial units need remodeling hasn't been rented in several years. Current owner uses as storage. It also has a small tenant laundry room. Don't know the income of that yet. The two bedrooms go for 440.00 a month and the one bedrooms go for 400.00. I do believe these are low and could be raised. The property stay at 100% occupied most the time. The current price is 314k my agent believes I could get it around 280 to 290k. The best part is the current owner (since 2004) is president of a local bank, according to my agent the banker would push a loan through his bank with ease and not a lot of hassle. Also believes I could get in with 10% or less down.. The paper work I have shows expenses at 12k a year and NET of 54k a year. This would be more if i raised rents and got the two commicial units rented. The tenants pay their own water and the taxes are 3400 a year.

Does this look to be a good deal?

I have two other single family properties and my current house and they are all paid for. I have no debt at all. Would this property be worth going into debt for?

Also before starting my own business 10 years ago I was maintance supervisor at several large apartment communities. So all work and maintance I could do and save the money.

Please share your thoughts with me!! Thank you!!!