Asking for advice on 3 unit deal!

[Navid A.]

Hi all, found a single level triplex with 2x 1-bed 1-bath units and a 2-bed 2-bath unit. All three units are currently occupied and are leased until sept 2018. This is my first multifamily deal and need a little help to see if it's a good deal or not. Also, could use your advice on financing the property. I have the cash for a 25% down deposit, but would like to limit the cash I put into the deal as much as possible. Two contracts have been placed, but both fell through because the inspection report stated that the electrical fuse box is in a closet and therefore not up to code...perhaps I have some leverage here for a better deal. The units were recently updated and refreshed with new interior and exterior paint and new flooring. Here are the numbers:

• Seller Price: $149,999
• Tax assessment: $112,000
• Built in 1979
• 3 units (2x1br1ba =$475 each, 1x2br2br=$600)
• Gross rental income: $1550/month
• Rental property insurance cost: $1220/yr
• Property tax: $2200/yr
• Management costs: $0 (in house)

How much should I account for maintenance and capex? My plan is to offer $115k, the seller is very motivated to sell and is the typical tired landlord. The property is located on a quiet cul-de-sac in a class C area. Any and all advice is appreciated!