Negotiating a duplex

[Cody Barrett]

Hello all!

Checking out a 2 unit duplex. 2/1 upper and lower.  The lower is not rented but the top is with rent at 550 because the owner felt bad but the unit looks great, maybe a bit of updating.  My Father has built homes and he said it is a solid structure and is very sound. Siding is newer, gutters looks good, newer roof(2006), windows are very solid. Built in 1920.  Area average is 750 on rentometer and my brother gets 700 for his units a few blocks away.  I like the price at just a tad under 100k.  Market seems to be 105k.  Blue collar neighborhood.  

About the Seller: 75 yrs old, owns a few units. Selling to downsize and slow down.  He was a janitor is whole life. Did a good job keeping up with this property. He listed it a year ago at 130.  Took it off the market for the last 2 months and just put it back up a week ago at just a tad under 100k.  

Any tips on negotiating in general?  I have a 25% downpayment but would love to really max this out if he is in a hurry to sell, which looks like it to me.  Closing cost is at 3k if that helps add to the mix.  Maybe needs 5-10k of updating max.  No appliances in the lower unit as well! (also inheriting a tenant) very very clean one too but getting away with killer rent rate at 550 lol.... 

Thanks so much,

Cody B