Owner carry back 5-plex-should I walk?

[Jarrod Gregory]

Help me understand BP!

Im looking @ a buy and hold investment but its looking a little sketchy!

5 units

one duplex 1/1's

one duplex 2/2 

one SFR 1/1

three seperate one car garages with an additional two car carport.

one lot.

Condition;

Peeling exterior paint, falling fences,no grass. The shingles appear to be in good condition however the SFR has a large sagging area in the roof. It appears mostly vacant. I have not had the opportunity to go inside but my initial estimation is that the inside will need some serious help. Just a rough guess of 20-25k rehab. if I did the work myself. overall condition in my estimation is a 5!

What the owner has said;

Asking 225k

I dont need to sell as it is all paid off

Monthly rent is $2500

4 of 5 units have long term tenates.

Willing to do owner financing for close to full asking price.

Has turned down cash offers of 150k,160k and 175k

SFR is primarily used for seasonal workers ie:oil industry/feild workers

What the neighbor has said; 

only one or two of the units stay rented out, but no one tenant stays for more than a few months.

My estimation is that if two units are rented @ $500 per unit that puts the pp @ 60k with GRM of 5. Id be willing to give a nice interest on his money for the desirable terms maybe around ten years.

BP am I missing something. Its obvious the owner isnt being honest. Is it worth my time getting creative or should I just walk?

Thanks

[Bill P.]

@Jarrod Gregory

Do your own due diligence and make your own offer. You are the one who will be living with the terms. I personally believe that I make an offer on every property I see because you never know the motivation of the seller. Every property has some value to me for the right price. Never pay retail!