Is there a deal here?

[Tylor K.]

So I just had the inspector in on my rental to get the license approved and during the course of the inspection we were chatting about the city/neighborhood, etc. and it came up about the two other duplexes that are currently for sale on the street. Both are 2 BR on each side. One looks sort of rough from outside and is listed at $165K and the other is a fesh rehab off a foreclosure and listed at $250K (also is the last house on the block so fronts a busy street). Anyway, I tell her that I would like to get my hands on the cheaper one (just bought mine for $157K in Feb). She says the seller has talked to her about how he just wants to get rid of it, so he sounds motivated. I asked if she though he would finance it or something and she said he might but she doesn't know (thinks he is a realtor or something). Based on the others in the area and the fact that I just rented my 3BR in two days for $1100 three houses down, I think that I can get $900 for each side once in decent shape and would really like to add egress and rent for $1200 per side.

I am new to this, but it seems like there might be a deal here (especially if I can get the price down further). Conventional isn't an option right now because I talked to WF and they want at least 20% down (not willing/able to do that right now), so is there options beside trying seller financing? I don't that much about the terms that are generally used in those situations, so I was just hoping for some input on if there is a deal here somewhere or not.

If nothing else I hope to learn why there isn't a deal here or maybe what would need to be different (i.e. price only or seller circumstances or my cash on hand, which is probably limited to about 8K, maybe 15K with a buddy in as a partner, though I can add to that at 1K per month or 2 with the partner.)

Thanks,