Meanwhile, he will be receiving the tax benefits of depreciation while pocketing $1000 a month.Furthermore, if it's seller financing, he won't be tying up an institutional residential loan.If the numbers truly work meaning maintenance and CAPEX won't cost a fortune and the value of the property won't tank, this looks like a great deal.I have a lot of clients that don't care about market value and will pay well over it if they can get into it with little or no cash and it has true non-negative cash-flow.All of @Anthony Dooley's comments assume you are putting cash into the deal.  

In a public forum, you are swimming with some sharks!

In some areas the investor market is hot is others it is in the tank becuase of lack of financing available.

Before you get into contracts to buy with the intensions of holding a property, buyers need to line up money before they line up a property.If you aren't bankable, you'll likely need a loan shark or private money.

At the showing, someone used one of the second floor restrooms and the toilet malfunctioned when refilling, with the tank overflowing onto the floor.

Ultimately, it depends on the recovery rate of the water heater {gas or electric } and whether your washing machines are High Efficiency (HE) units.If you have 2 HE washers, then a 40-usg tank should be ample.  

The county requires an inspection of the septic tank/field whenever the property changes hands (which means you pay for a contractor to pump it out, clean it, check for cracks, etc. - about $400 here), but the pump, supply lines & pressure tank are all up to you.

For a converted SFR, you migt end up with three water heaters serving five units, with one single shutoff, and two tanked water heaters and two little tankless in two of the six baths, that makes it a nightmare for maintenance because you may have to shut everyone down to solve a problem in one unit.Also mailboxes, I know one property I saw a few months ago was a five plex that was a fourplex with a converted garage and they had an issue getting the post office to recognize a fifth mailbox as the garage has no door number.

@Luc BoronHere is roughly what the breakdown looked like:Roof: $8,000Exterior Paint: $3500Interior Paint: $3500Carpet: $30002 Bathroom remodels: $6000Appliances: $2000Oil Tank + piping work: $2000Misc (Landscaping, Staging, Utilities, Lighting, Hardware...) - $2000

Pumping a tank 3 times in 4 months is unheard of.