First Deal....need advice

[Norman Ashworth]

Need analysis on this property. Salon plus 3 apartments.

Income Salon : 19,732.00
Income Apartments 12,300.00 ( 3 rented ) range from 300 to 425

total income 32032.00

expenses : utilities 6369.00
garbage 600.00
supplies 1800.00
tele 1000.00
taxes 4200.00
insur 5000.00
mntge & cleaning 2640.00
------------------------------------
total expense 21609.00

property is 75K , roof over 20 years old, one additional apartment not rented needs 6-10K rehab. ( was never rented more like a large storage area which can be made into a 1bed, 1 bath) air condenser in salon new last year, plumbing, electrical all as old as property 40+ years, has termites 5K for removal

It now has 11K net profit

my feelings is if I get the utilities (water, elec, tele ) paid by tennants and salon. that would be additional 7K in income. rehab the additional apartment to generate 4K, treat termite infestation

11K + 7K + 4K = 22K net

What range would you be a buyer in ? 60K , 65K or nothing

Thanks guys, great advice here
normana61