Multi-family offer strategy/suggestions

[Bob Willis]

Hey Guys,

I am looking for some creative ideas to see if we can make a deal work here...

Here are the vitals:
4-plex, built 1980, in very good condition for age and area.

Asking price $325k

all units, 2BR, 1 BA, ~1000sf. with an additional 1000 sf of unfinished basement in each unit which could be converted to additional 2BR, 1 BA. All units are month to month, with two of the units being rented by same tenants for 20 years...

Also, comes with four detached garages, no extra charge for these.

Tenants cover utilities, EXCEPT water, which runs ~$250/month.

Taxes - $5000/year

Insurance - $3,000/year (estimate)

Current rents are well below market.

Unit 1 $500/month

Unit 2 $550/month

Unit 3 $600/month

Unit 4 $600/month

There is a VERY strong rental market in this community. 

I believe all four units could bring $800/month, with a potential for another $75/month for the detached garages.

Unit has been on the market since last summer. Needs a new roof, which current owners are replacing this spring.

I have the ability on making a full cash offer, but don't want to do that. Any thoughts or suggestions on the best approach here (some owner financing, etc)...

Thanks,
Bob