I’m overwhelmed! Help please!!

[Sean McGinn]

Hello, I am a new investor. I’m currently house hacking my residence but I don’t have my first actual rental yet. I’m looking at a triplex right now.

It is for sale for $80,000. And I’m told the owner is getting $2,000 monthly in rent. I’ve run all the numbers through the calc and it seems to make sense even with the work I’ll have to do. She told me up front that it needs a good cleaning, paint, flooring, and bathrooms need to be updated. After looking at the pictures, EVERYTHING is going to need a general “update”. Nothing is crazy out of date but there’s definitely some forced appreciation here to unlock. And I’m going to try and suggest seller financing as I know she’s has done it with someone else before. So I have a potentially great deal here. My question is...

Even with the remodel, my numbers work, but why would someone making $2000/month-gross(on only two units btw, because she lives in one) be selling for $80,000. I mean that’s a great return even with bills considered. It almost seems like too good of deal. I think my fear is warranted but maybe I’m overthinking- as this would be my first deal and I’m fearful and a bit overwhelmed. Any advice would be greatly appreciated. Thank you so much.

Address is “19 N Michigan Ave. Shelby MI 49445”