7 units apt good deal?

[Charlene Ball]

Have opportunity to purchase an old (built in early 1900's)  7 unit apt  building.  gross rents 4150/mth plus 500-600/mth from laundry and garages.  Owner pays gas & water = $7000/yr, tax 1740/yr, ins 1740/yr, building exterior needs paint/siding, roof couple yrs old, furnace (gas/hot water) is couple yrs old, not sure of hot water heaters,  all apts are good as is except for 1 it needs major clean/repair.  All apt's are occupied.

I found 70% of purchase price 30 yr. @ 8.5% also need to borrow another 65,000 5 yrs @ 4% (bal of purchase price and improvement $) purchase price is $175,000.  I do not know how much the seller owes or why they are selling or if they will carry

located in Billings MT