Asbestos Siding on a Potential Deal

[Kole Kingslien]

Hi Everyone,

I am writing this because I recently came across a potential deal, and am looking for advice. I found a home in Janesville Wisconsin (I live 20 minutes away) that has been converted into a four unit. Though I don't usually like converts, The layout of this one works pretty well. Each unit is 1 bd 1 bth, has a sun porch, and a detached garage stall that goes with.

The building is about 2600 Sqft, and needs a new roof (it would be a 3 layer tear-off, 2 layers of shingles and 1 layer of cedar). All units are occupied, and landlord pays heat and water. 

The main concern I have, is that the property has asbestos siding, and I have never dealt with this. Can I go over it with vinyl, or maybe just leave it? I have no idea what it would cost to get it removed and re-sided. 

The owner is willing to do a Land Contract at $85,000 with $5,000 down for 25 yrs at 7% Interest, and the property taxes are $2,600/yr. The total rents are $2,300, and heat in the winter runs $200/mo, and water runs $100/mo. I'm estimating the ARV to be $120,000-$140,000.

Again, my main concern is the Asbestos Siding.

Any insight would be helpful, Thanks!