Triplex possible purchase

[Brett Hearn]

Hi all,

So I just got done refinancing a SFH after a successful BRRRR. Its about $250 cash flow with a 7% cash on cash return. Not a home run but a solid blooper for now in the market I'm working with. Anyway, I was tipped off to a possible other opportunity by a guy who did some work for me on the wall heater in the previous SFH. It is a triplex with all its own separate metering so tenants all pay their own utilities. She wanted 200K but has come down to 190K. I think I could get her down to 185K. The units all rent for $600 each totaling $1800 a month. Market price dictates at least each unit could rent for $700 each but I would only go up $50 for now, making the total income $1950, and this is being conservative. I have the possibility of private financing and if not I will use hard money as I did on the previous property. I am planning to put down 20k and pay the private investor 8% amortized over 40 (do people structure this way usually?) years until I get to 25% of the purchase price so I can refinance and pay out the private lender. I have two question, first does this seem like a good deal, and second how could I structure the deal so we hit the 25% mark withing a reasonable amount of time. 25% of purchase price is 36k and note I am already putting 20k down from the beginning. She is open to owner finacing but it has to be short term and she still owes on the property, so she would have to take a second on the property, and I do not know how much the current balance is on the loan. Any suggestions would be great.

https://www.biggerpockets.com/calculators/shared/605051/3fc57d16-1735-4df2-b78d-fdd4f40cfd8d