Advice needed on first quad purchase

[Ted Jackson]

Hello all I have finally, hopefully located that ever elusive first investment. I have actively been looking, but have denied the urge to just jump onto anything that comes my way. So after all the excitement in searching for a property, let me tell you a little about what I have found. It is a 4 unit brick complex close to where I work. 3 of the units are currently rented for 550, 550, and 625. One unit is furnished and stays vacant because they are asking for 1100. The first thing that I would do by the way is get rid of the furnishings and get a tenant in there for the same price as the other units. Anyways, the asking price is 179,000, I have offered 158,000. The unit is in a great location in town, was built in the 1950s. It has been upgraded, passes the eye test outside, has new beautiful hardwood floors, hvac system, energy efficient windows, and is really nice. The funny thing is after scouring the MLS for about 6 months, I actually found this from a local realtor, and it was not on the MLS at all. The owner had merely mentioned that he wanted to sell at some point. The taxes run around 4k per year, and insurance is around 1,000 a year. I would buy it with an FHA loan, put my 3.5% down, and move out as soon as I could legally do so and fill the empty apartment with a tenant. Oh, forgot to mention all apartments are 2 bedroom, 1 bath, and all utilities are individually metered to the tenant, I think around 750 or 800 square feet. It is the only unit that I have found that makes since financially (or at least I think it does, that is primarily why I am asking you guys for help), and that both me and my wife like. Any help would GREATLY be appreciated. Thanks in advance!!!!