Deal or Pig?

[John Warren]

Hello!

I recently closed on my first property, a fully rented four unit building, and I am looking to pick up my second property. I am low on cash as I am finishing a variety of inspection issues with the town. The three unit property right next door to mine just came on the market, and I was wondering if you all could steer me in the right direction! Here is what I know about the place.

The Good:

The seller is older and seems motivated. I think she would be willing to do some type of seller financing potentially.

There is a 3 bedroom 1 bathroom unit that could be turned around for 2-3k and rented right away for $950-$1000 a month.

There is a two car garage that could be rented out for a little bit (potentially).

The building is fairly solid (brick), and I am the only comp in town since we just closed two weeks ago!

The Bad

 There are two other units that were used as commercial, so they are essentially just open rooms. They could be converted to one bedroom apartments, but this might take 5 grand each or more. I could do a lot of the work, but I would have to hire licensed plumbers/electricians due to being in cook county. 

These units as one bedrooms could be rented for $750 or so, but I don't believe there is much demand for them as commercial units.

The Weird

The property has two different pins, so it has two different tax bills. One is for $4,300 per year and one is for $3100 per year.

So is this a deal or a pig?