New from TN & question on deal

[Justin Hicks]

Long time reader, first time poster. Anyways, I have ventured in single family home rentals, but never multi-family. There are 4 duplexes (all by each other, all 2 bed/1 bath) that could potentially be bought. They are all empty, and the owner is willing to sell (don't think he has been involved with them past couple of years). Potentially, I think each unit (8 units) could rent for $500, but let's use $400 to be conservative. There is probably anywhere between $30,000 and $50,000 needed in rehab, total. I'm not sure on property taxes, but property taxes are normally low in TN. I'm having a hard time on figuring a reasonable offer price (they are NOT listed in real estate, my group approached the owner). Looking at tax records, it looks as though they were purchased by owner for $210,000 in 1995. Property is in a good, but not great part of town.

I guess my question is: What would be a good offer price?

BTW, I love the info here on BP, hopeful to start posting more.