Due Diligence: What questions should I be asking the seller?

[Rick L.]

I'm entertaining the possibility of making an offer on a 12-unit non-listed apartment property.   The seller has provided the asking price, as well as, the old listing information from when they purchase the property in 2012.  What additional questions and information should I be asking the seller?

Here's what I have so far:

I have some questions about the property:

• What's the current rent roll?
• How long has each current tenant occupied unit?
  • Can you provide leases and application information for current tenants?
  • How many are HUD/Section 8?
• List of expenses (yearly: sewer, water, electric, taxes, insurance, etc)
  • Is property on city sewer & water?
• Property was constructed in 1999
  • Has there been any major remodeling/upgrades?
  • Interior & exterior photos?
• Major systems (HVAC, Water Heaters, Appliances. etc)
  • Are they originals/age of systems (1999)?
  • What has been replaced?