Seller reluctant to share financials

[Pete Harper]

The seller for a 12 unit complex I’m looking at has been refusing to provide detailed financials. They sent a flier with high level figures but the numbers don’t look right. This is student housing and sell says the monthly rent is low because three rooms are rented to family. OK, 3/12 units are non producing so occupancy rate is 75% best case, right? When I back calculate from actual gross rent I get 90% occupancy. Doesn’t add up.

I’ve requested three year actual financials but the seller is refusing. I’ve never run into this before, Is this a red flag?

Thanks