4plex Indianapolis listed $135k - Help me analyse this deal

[Harry George]

Hi all,

I'm reaching out to Indianapolis investors for your advice on this 4 plex listed @135k. It cash flows pretty nicely, although I have been conservative on the rents at $700/unit, considering rentometer.com said local rents are around $1000 - I am not sure that will fly. 

My private finance is at 60% LTV at 10% for 15 years, an assumption, not entirely sure the going rate on this. Once I get qualified for financing I would plan to refinance out the private investor (could take 2 years) at better a rate. I could pay all cash but wanted to keep some in reserve, potentially for another deal.

The main concern is a fellow investor told me that with the property having been constructed in 1895 it is a bad idea going with a building this old. If I budget enough for maintenance and the inspection came back ok, am I covering myself sufficiently?

Thanks for your opinions.

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[Scott Carrillo]

What are the repair costs? Do you have a contractor that could walk it for you? If it is occupied when are the leases up?