Laundromat (Business and Building)

[Jason Shumway]

Looking at a Laundrymat opportunity...both biz and building. Give me your thoughts on this deal: 

Purchase $300,000, Seller Financed 30k down/4%interest/30year w balloon after 10 years

Gross Revenue $4800/month (24 month avg); Total Expenses Avg $3200/month including payment to Seller.  The current Owner works the biz maybe 5 hours/week, mainly to collect coins/cash etc. Older building and older equipment both are in need of updating, estimated $30k in upgrades needed. Jurisdiction allows for onsite living quarters for "employee or family member" which building has room for a studio, another $20k to create a studio apartment. Studio rents are $800/month. The nearest competitor is 85 miles away...thoughts?