Newbie Rehab Deal

4 Plex that has an assumable note of 70,000 and it is not rented. Comps are110k 130k. Repairs are estimated at 12,000. Could some one time me if this is a good deal or how would I create a win deal. I made an offer and the owner counter offered with this:Assume $70K note with no points or fees. Refinance after 3 years. 2. $1,500 non-refundable earnest money. 3. Additional $3,500 cash dues at closing (i.e. total $5K down - total price is now $83K) 4. We will carry $5K note at 8.5% for 3 years. 5. Closing date is Sept 8, 2004 6. and/or assigns is acceptable but closing is still Sept. 8, 2004 In my offer I asked for time to rent 2 units since the owner said they were liveable. But he said he would not allow me to do that. Thanks