Analyzing first deal

[Ryan Proffit]

Hello guys, I am working on making my first deal.  I am working with a partner who has about 10 years of experience.  We are looking at two 4-plexes on same lot.  The lot is also big enough to build another 4-plex as well.  The seller is asking $390,000.  The current rents are $3995 when fully rented which are extremely low.  There is currently one vacant unit.  This is a very nice property in a very sought after area.  It is currently off market and unadvertised.  After we buy it, we plan to paint and carpet the vacant unit, and raise rent on all other units to market value.  That would bring rents to around $5250.  We are also hoping to get the owner to finance it.  I am currently checking on taxes, other than that am I missing anything?  Feel free to correct me on any of this.  I also plan to try and get a price reduction if we have to source financing through a bank.  Thanks for your time.

Ryan.