6-plex Financing Questions

[Joseph Lieberman]

I've had a rough time finding "great" deals in my area (Corvallis/Salem OR) - but I have found one that is at least on the boards of reasonable. I'm not in a rush, but I had some basic questions. Feel free to get in touch if you have sourced deals in this area of Oregon. Here's the hard facts

6-plex
Asking Price: 330k
Rent: 3750/mo. (~1.13%)
Taxes: 4k
Insurance: (Haven't sourced yet, nothing unreasonable).

I know the area well and already own a property nearby, it's a good area, suburb of a university town, almost no crime, and rents easily. I do expect value appreciation and this is a buy/hold property, but I am not "counting on it" for it to be cash positive and value-additive. It isn't a luxury community by any leap, but I would say its a low risk area that is likely to attract stable, non-destructive, tenants.

Now I know I can't get a conventional loan since its more than a 4-plex, but I basically have two key questions, as well as anyone's thoughts on the general makeup of a deal like this for the area. Assume I can put enough down to meet the LTV qualifications of any loan.

Question 1: Does a 6plex like this potentially qualify for a SBA 504 loan? Is that even worth looking into? Does an SBA loan take into account historic revenue of the building (like it would if you were acquiring an existing business?)

Question 2: I'm not too strong with the key concepts that surround seller financing options. Basically, is there a good resource/place to start/advice for the best options to bring to the table if and when I meet with the seller? The idea of having to get a commercial loan really does make a 4plex or smaller a lot more appealing :(

Lastly, and on a side note. Should I really be focused on finding a much better deal? I can't help but be a little jealous of people posting deals in other cities that look quite a bit juicier. I don't feel comfortable investing in an area I don't know, but I haven't really found anything in Oregon so far that quite hits the "big win" button yet.

Again, I am in no rush, but I figure this real world example is a good place to start finding what questions I will have later.