5 Unit - $350,000

[Shannon R]

I've come across a fully leased 5unit apartment building in a good area that the asking price is $350,00. The owner is going through a divorce and needs to sell :cool:

1 studio -$ 450
2 1bed -$ 550
2 2bed -$ 800 and $750
_____________________________

$3100

Tenants pay for all utilities, no major repairs needed.

Onsite well for water
All Taxes -$2500/yr

Here's the problem, I was told that all of the P/L documents have been lost due to a flood, which also triggered my red flag.

I still need to ask since this will be my 1st buy and hold. Do you think this would be worth pursuing if I can get the price down below $275,000 and get financing?

I'm still learning, go easy!!