Need input on what strategy to pursue a 20 unit complex

[Jason Stricevich]

Hello everyone,

So the scenario.  20 unit complex.  They tried selling for $1.1mil & 1mil with no sale.  I want to reach out to the owner and make an offer.  The old listing says she would hold the note.  Plus I'm a realtor and can waive the commission.

The average rent is about $575 for the 20 units with total income $11,480.  (Updated they could be going for $750.)

Onsite Laundry (not sure of income)

They are saying total exp is $46,150. So $3,846 a month and that it's a 7.8% Cap Rate

MY QUESTIONS

What strategy should I approach this with owner? Note? Fair loan percentage? Waive commission? What for down payment?

This place is in need of a serious facelift.  No photos of the inside units.

Any input is appreciated and thank you in advance!