Help!!! Deal Analysis

[Rick L.]

I've been approached to purchase an off market 12 family apartment building in a popular Missouri vacation area.  The seller is a real estate agent and states they are selling to raise funds for their daughter's college education.

They purchased the property from the original owner in 2012, but would not disclose what the purchase price was.  The property was built in 1999, but the seller has said they have completed remodeling each unit, some newer water heaters & appliances have been replaced, believes the roof is original along with other systems.  The property is on private sewer, which I assume means a septic system.

The tenants pays electric (all electric units), and owner pays water & trash. I'm not sure what cost are associated with maintaining the septic tank?

Taxes about $3000

Insurance $3400

Below are June's rent roll, maintenance & repair summary along with the YTD totals.  Seller is asking $415,000.  Thoughts?