HELP first deal MIGHT be TOMORROW - Deal Analysis - 4plex

[Luke Buettner]

Property located at

210 S Pearl St.

Astoria, IL 61501

Hey guys, I am meeting with the owner of this property tomorrow at noon. I just got off the phone with the owner. A really speedy search on Zillow showed that the house is estimated to be worth $100,000 but the FMV has been shifting since a low $40,000 in 2013. I scared out of my boots because this could be my first deal.

What he told me...

He bought this 4-plex in 1998.  The property is completely paid off.  He is not willing to do seller financing.  He is also a farmer and has moved an hour away.  It's now more trouble for him to drive all the way just to take care of it.  The gross yearly income is $13,620.  The yearly real estate taxes in $2,725.  It has baseboard heating.  Does NOT have central air, but each unit has a window unit.  When he bought it in 1998, he paid $40,000.  He is asking $37,900.  I am thinking that I can wiggle him down to $35,000-$36,000.  Should I start really low? All four units are rented out currently.  One unit is a truck driver who is only home on the weekends.  There is an elderly man with family nearby and a new renter who both pay on time.  Lastly, he says he's had one renter who has lived there for years who is his "go-to" guy.  He says this tenant has helped more than a few times when he was unable to with minor handy work, etc.  Last but not least, he said the wiring was awful when he bought it and he upgraded each unit to have it's own 100 amp system.

Guys, tomorrow I'm driving out to this property to get a look at it in person.  He's going to show me around and probably show me the unit of the truck driver, assuming he's not home.  That being said, I need to know exactly what to be looking for and what questions I should be asking.  Please help! I'm scared out of my boots! It seems good to me but I don't want to make a HUGE mistake by going through with this deal.