Quadraplex $325K asking price- $4,000 GMR

[Rafael Medrano]

Hello everyone, 

So i'm looking into purchasing my first property and would like to see what everyone thinks. Quad is being listed and sold by a local real estate agent who wants to get into flipping. He's asking $325,000 and doesnt wanna come down. Claiming his accountant suggested the property be listed for $350,000 based on rental income. All 4 units are 2bd/1ba and 947sqft. 3 of 4 units have been renovated. 4th unit only needs light touching up. All units have been leased with 12month contracts. The oldest of the 4 will expire in 7 months. (2) Units rent for $1,200 (1) Unit rents for $1,000 and the unit requiring some work is renting for $800. Property taxes are $3,900. I'd be going with an FHA loan so looking at around $11,500 down. If there's any pertinent information I'm missing please let me know. I'm on the fence on this one. I know it's not a killer deal with $80,000 in equity right off the bat but do the numbers make sense or should i walk? Quads are pretty rare in my area and most duplexes in the area are selling for $250-$290. I'm thinking a fair deal is better than no deal at all and down the road a few months from now if something else comes up i can always refi and get another FHA on something else. I'd appreciate any feedback you can give. Thank you for your time.