My deal - I want your opinion

[Micheal P Kloppel]

Please understand I am still negotiating details, have no contract and therefore I can't provide the properties location and some known specifics so it will be a little vague. Ask and Ill try to clarify or expand for you.

Sellers goal:
Obtain a specific $ amount and get out of the property. When we finally met he gave me the exact amount I wanted to be at, which is about 49% of its ARV.

My goal:
Use no money of my own to achieve sellers goal. Refi the property as soon as I can.

Property details:
Multi Family - 2 unit
3/1 - 2/1
Depressed neighborhood
Fully rented (under performing significantly)(income: 900/mnth for both units)
Post tax, Post expense cash flow of only ~59$ a unit :(
Needs about 15k$ in renovations. 


Potential deal details:
No down Payment
5yr to get refi
Flexible on monthly payment amount. (He has a small mortgage left on prop, Less than 5k?)
I estimate its ARV will be 70-75% of its low market value

A couple questions:
How would you treat current renters? (respectfully)
-Notify of rent increases and permit to vacate peacefully?
-Keep initially but notify rates will increase in X time frame
-This is in NYS, does that damned new law restrict me in this?
-Other option

Based on my goal 
-Would you feel comfortable with these margins
-Does 49% of ARV *generally* fall into the "good deal" category if repairs would leave you with about 25% equity in the property after investment? Is that a clear question?

What might you suggest in the deal which I may not be considering?
Would you walk away from this? Why?

This is the before and after analysis from Deal checker and I included the Zillow price estimate as a general guide, I understand appraisals and Realtor comps. I would say that spread is accurate and would error on the low/mid. 55-65k range

Thanks to anyone who gives me their opinion. It is greatly appreciated!

[Bjorik Mutize]

Trim margins, uncertain market. I feel that this may give you a bit of headaches trying to stabilize.

-Bjorik