Tidy, little vintage '80's duplex

[Anthony Giaquinto]

I'm looking at a 1800sf duplex building here in North Central Illinois. Built in 1980. Both units rented at 575 apiece. List price is 130k. I've done my number crunching/calcs and the comps/analysis indicate similar type multi-family properties (and there aren't many) change hands for between $40-$50/sf. So fair value is most likely in the land of 80-90k.  Obviously this depends on age, condition, location etc., but that is the range nonetheless. I've also run a spreadsheet calc on cash flow, cash on cash return and cap rate. The building itself is in so-so condition. The roof isn't great but other than that its fair. I'll have an inspection anyway. From what I can gather from the agent, the owner is an elderly woman retired and moved to Texas. Basically she wants out and this is her last piece left. I have some cash left, but naturally would rather keep as much of it as possible for the eventual repairs/upgrades that will be required. I'd like to approach the agent with a seller carry offer. I'm loathe to deal with a traditional bank just because of the strident lending conditions that are involved. My credit is fair, not because I'm a deadbeat but simply because I don't carry any other debt other than my primary mortgage. I'm looking for some input/advice on how to approach agent and how I might structure a deal like this. Thanks!