Deal analysis

[Sean B.]

Hello,

Looking at a 2 flat deal right now in Chicago. Seller has both units rented out for $950mth and there is an illegal basement unit that rents for $550 mth. There is about $100k left on the mortgage and mortgage payments run $1000 mth and taxes are $6300yr. Retail value is about $375k and I was thinking a cash offer around $250-275k. I would like to go the route of offering a couple different options to the seller, maybe something having to do with a land contract to wrap current mortgage, but not sure how to best frame it up. This would be my`first real deal, so I would appreciate any feedback!

Thanks.