GOOD DEAL Or Am I'm too naive ???

[William Dutrieuille]

Hello Thank you in advance for tuning in & providing feedback!

This will be my very first deal! I am looking at securing FHA Financing and Househacking a 4plex.

I am very familiar with Property and it is a very good location (Good school district, close to the main river of the city, etc.) I do not want to get emotionally attached to property but it's hard! lol

The listed price $234,000. The owner is 77 and selling off all his property. This property has been listed since 10/2/18 and the Agent let me know owner is still making good $$$ of this so the purchase price is "Overpriced" and he won't budge too much on lower offers. Agent notified me that he may go down $10,000.

It is a turn key property , A- condition, new roof installed 2005. 3 Units are 1 bedroom and can rent out for $700+ and 1 unit is a 2 bedroom can rent out $950+

Even at that over priced asking price of $234,000 it still can hit the 1% Rule even with me living in one unit for 12 months.

What do you guys think ???? (Also agent let me know that utilities aren't separate and they all are one so he is paying for utilites and add in the contract to have him separate so tenants can pay their own before purchasing.)

Property also has a coin op laundromat in the basement.