2 family in Princeton Heights

[Kyle Eckert]

I have the ability to buy a 2 family in Princeton Heights (On Rosa Ave) with the seller saying that he would be willing to seller finance.  Rent for a finished 1BR in this area could be $700-$800, so I would think $1600 as max in the short term.  It has a garage as well, so it could generate garage access income.  I would inherit 1 tenant renting at $500/month.

Building details:

1000 sqft per unit

Exterior is brick, pitched roof.  2 story sunporch on the back needs siding repairs.  most other things look good roof is recent.

Garage needs a new man-door and a garage door opener.

1st floor is occupied.  The place smelled very bad but couldnt be smelled outside or upstairs.

2nd floor needs paint, minor wall repairs, kitchen floor, etc.

Basement is dry and will need to be cleaned out.  Storage could be built and sectioned off for possible additional income.

HVAC are less than 10 years old.  Electric water heaters look fairly new, but are dated 1994. 

How would you structure this deal?  What would you pay?