Renovated Triplex 2% rule! (almost)

[Nicholas Spohn]

I found a triplex on Craigslist... The owner still lives in it, and has renovated the whole thing over the last few years. It is pretty nice. Its in a part of town with huge old homes, some rundown, some really cool. Its kind of a mixed bag. She lives in top unit and would rent it back from me for $900.

unit 1: 900

unit 2: her sister lives in the first 2 bed for $525 (which is probably under market rent)

unit 3: 2 bed Just vacated, was renting for $600.

Market rent is probably $2,100-$2,200. She wants $120,000. She may be willing to do a small amount of seller financing. My concern/hesitation is that it is an old home that needs to meet "historic" standards, which I have never dealt with. She pays water and sewer at $150 per month, and it has a huge hill for a yard that is going to get expensive to pay to mow. Gross rents are at 1.8%. This should be a pretty good deal right?