Potential Multi-family deal in 89015

[Frankie Baca]

Hey all, 

I'm looking at two off market properties for sale in Henderson, right off of Lake Mead/Boulder area.  One is an 8 unit with all 2bed/1bath, currently renting for $750 per unit.  The other is a 6 unit that rents 4 units for $750 and 2 of the units being 3 bedroom and renting for $850 per unit.  I'm still working on getting some numbers from the owner but as of right now, what I have is that all units are rented out, tenants pay for power and the owner pays for water/gas/sewage/trash.  The owner hasn't specified what the properties are worth to him but he said that he's interested in selling both and to give him an offer.

Multifamilies are few and far between in Henderson so I'm having trouble finding comparisons therefore I need to do a little more homework on typical cap rates, rents, etc.  If anyone has first hand knowledge with Henderson's market feel free to chime in.  I'd also love to work with someone with more experience if there is anyone wanting to get involved.

I'm going to need to finance the deal, so based on the current information and current income ($10,700) , I'd like to start by offering about $750,000. If my numbers are correct, mortgage would be around $4,000 which leaves $6,700 and then 50% rule $5,350 leaves us with $1,350 cash flow which would be just under $100/door.  I already see room for improvement which could drive the rent up but I'd like to get other people's opinions on the deal. 

The other thing I'd love to do is figure out numbers that would work with seller financing that would avoid the bank and give us a lower down payment. 

Any input is appreciated.  Thank you!