Need advice estimating repairs/structuring deal for Dayton, Ohio multifamily

[Cheryl P.]

Hi BP, I've sent out my yellow letters and the leads are coming in (yay)! That said - I wanted to get your feedback on the deal which I plan to make an offer on this afternoon/evening. My intent is to wholesale it. Questions and details below:

Questions

1. Am I leaving enough meat on the bone with my $20K assignment fee or should I adjust this, if so by how much?

2. Is my repair estimate too low/too high based on the seller telling me that no repairs are needed and existence of the on-site property/manager despite the house being very old (built in 1909)?

3. I live in NY and the property is in OH. Any tips for virtually investing my way through this deal?

Details

Location: Dayton Ohio

4 Units

Rent amounts - $300 (for 3 units) $350 (for one unit) = gross monthly rent is $950 (accounting for property manager living rent free in one unit) tenants pay all utilities except water

Asking price: $10,000 (This is also the mortgage balance)

ARV: $50,000

Repairs: Owner says non are needed but I'm estimating $2,000 (I have no idea if this is accurate but I'm assuming since there is an onsite property manager, it should be in good shape, house built in 1909)

Seller motivation: 85 y/o tired landlord who wants to sell ASAP

Assignment fee: $20,000

MAO = .65(ARV)-Repairs-Wholesale Profit

=.65($50K)-$2K-$20K

= $10,500

This leaves me with a MAO which is slightly greater than my offer price.