Price Drop $65k! - Quad Deal Analysis - Help Me Think! -

[Anthony Hornbeck]

I've been watching a 4-Unit for some time now. 

4 Units: 2br/2ba (770 Sq Ft Ea)

Price: $250,000 (MLS)

Current Rents: $700 Each

Taxes: $5600

Property is 21 Years Old (Original Owner)

Been on market ~450 days, started at $315k, and hung at $300k for a year. It started dropping price about 45 days back.

Location: Just outside college town - on college golf course - primarily surrounded by other quads. Right next to local airport (small planes mostly - not loud). Town has been expanding in this general direction strongly for the last few years, but this is still a fairly disconnected location, but quiet.

Owner advertises willingness to sell on contract (20%down). 

I realize there are many details missing, and I since I haven't built rapport with the seller yet, we're making a lot of assumptions. For learning purposes, can someone help me (from a top level) figure out how much farther down I'd have to take this property to make this a deal worth vetting out further?

 I have had myself on hold for awhile thinking I didn't have enough money, but I'm really preparing for a push on owner financing.

Thanks everybody!