12 unit

[Norm Chrostowski]

I looking at a 12 unit building. Location is very good, walkng distance to a lot of things, major super market near by. Previously asking 500k, 10 days ago price dropped to 450k. Owner has a 275k assumable mortgage @6.75%, and is willing to hold some sort of note with the right terms. Building needs a moderate amount of work, mainly cosmetic, but kitchens and baths have to be re-done, dated. My thoughts are to turn it into a 10 unit. There are 8 2br, 2 1 br, and 2 studio. The studios I wouldn't even consider an apartment. I figure turn the 2 1br and 2 studios into 2 2 br. I believe the rents could be $750 for a nice 2 br. Sorry to get off track, just trying to give some background. Any thoughts in regard to trying to set up the deal...financing, terms etc.... Owner is moderately motivated. Been on the market since Oct 08