6 unit owner financed for 110k

[Philip Williams]

Hey all this is actually my first real forum post. We are in the middle of purchasing a 6 unit for 110000. I know it is really cheap but it's in a very depressed area, the previous owner is willing to stay on as property manager for a fee. The initial number he threw out was 300 a month. All of our current units I manage so i'm not actually sure what to pay a property manager. The gross rent is 3300 a month but we pay gas and electric, the units are fully rented all the tenants have been in the building over 2.5 years. I'm not sure what other info I should provide, oh the taxes are about 2500 a year as is the insurance. The note is 20k down and a little over 1k a month in principle and interest payments for 10 years. He offered a 7% interest rate. Well don't want to flood this with to much information but anything I should look out for before we finalize this?