Owner financed duplex questions/advice

[Mike Webb]

Hi folks! Looking for some advice for a possible owner financed double duplex. The owner is in his 80's and is looking to sell off his portfolio. The property is a double duplex with 3 beds and 1 bath for each side. The property is in nice shape (siding, replacement windows and overall kept up). Each unit brings in $750/mo which is below market by about 75-100 each and tenants pay utilities. He wanted $130k but is willing to sell it for 95k. He is willing to carry the note at 6% but I think I can negotiate the price and percent a little bit more. He said "whatever you can afford to put down" he could work with. Obviously, it is slightly off the 2% rule but what would you consider offering to make this deal work? The property would appraise for about $115-120k. If you need more info, I could provide it...never have crossed the owner finance bridge and just looking for some direction. Thanks!