9 Unit MF Deal

[Alex Flowers]

I've been doing some research on a 9 unit complex for sale. It's been listed for a year. It is a 6 unit apt building, a 2-story/2-unit building and a 3/2 mobile home on 5 acres with a pond. It is fully rented, and the tenants are a good group. Total rents are 4200/month. Tax is 1500/year. I did a couple of drive by looks and it is a nice looking property. I did some probate research and it shows the owner selling the piece 4 years ago for 208k on a VL with 10k down and the remaining paid at 3k/month. Needless ho say, within 18 months the foreclosure process was finished. The owner has extensive investor activity in the area, so I know he knew the novice would never be able to pay the payments. Now he is asking 295k, owner financing available. I would like to offer 30k down with 195k on a 5%/15 yr note. I am thinking he will reject, as he may be looking for another sucker to bite on the high payments and another foreclosure. Any thoughts? What info am I not including that would help?