Advice on potential duplex built in 1900

[Chad Woods]

Greetings,

Relatively new investor here and I am looking at purchasing an older duplex that was built in 1900 (BRRRR worksheet attached). I have not been able to go into the units yet due to them being occupied. It has been on the market for about 9 months and the owner apparently doesn't want to let potential buyers inside unless they are "serious", as he has had many tire-kickers in the past. The photos look like the property has been updated and he says he has paper work showing upgraded electrical, hvac, roof, termite letter, etc.

Assuming my numbers are accurate, the buy would make sense and would provide cashflow after the refinance but my repair value has been guesswork since I haven't been inside (assuming the owner has updated the interior). Does anyone have experience with older properties like this and what should I look for when I do convince him that I'm serious?

Also, would it be advantageous to provide different offers on something like this (i.e. something that is older and has been listed for so long) such as seller financing? I could purchase outright or use a conventional loan but was curious if there were some advantages to offering different options to the seller such as purchase the property for less than he's asking for in cash / loan OR seller finance for a little bit more but tie up less of my cash up front. Thanks in advance. 

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*This link comes directly from our calculators, based on information input by the member who posted.