FIRST DEAL: Avoiding panic and asking questions

[Jim Keplinger]

Ok, so I've got a deal on the line...I'd like to offer today if I'm right-side up on this...but please help me:

Commercial building in Spencer, Indiana (small town, proper town square, this building is just off the center)

4600 SF with loading dock and retail facing front.

Effectively a big box, some rooms, but not a lot. Great condition, needs flooring and drywall (nothing else I can see).

I'm thinking to split it into three sections:

1. 1100 SF retail/spa (my other business)

2. 1100 SF commercial rental ($12 a foot annual is normal in this town)

3. 2400 SF mini-storage facility (I have no idea how to do this, but the space seems excellent for it).

Asking price: $90,000 (I plan to offer $80,000)

Also of note, there's a significant amount of money being pumped into the downtown to revitalize it, and I'm not the only one buying and rehabbing (not close).

Taxes run $2,000.

SO! Is this a good deal? My quick analysis on the BP Calculator suggests it is, but I'm as green as Kermit so any and all advice here is golden.

Thank you all in advance!