Is this Mat worth buying?

[MrsNewMat]

I apologize for the length of this post but I wanted to provide all the details. Here are the financials that I have. What do you think of this deal?

Asking Price: $37,000

Lease: $1300 Rent including CAM till January, 2007 with a five-year option at $1500

Gross Sales 2003: $45,000 and declining in 2004 (The Mat's been in place for 10 yrs. My observation says that it's not getting any customers now.)

Number of Machines:
No WDF
14 front-load (5 yrs. old) Maytag 14 Pound ($1.25 per wash)
16 Dryers (age unknown) (.25 for 10 Minutes)
1 Extractor

Financial Details (Yr. Ending 2003)

Total Sales $55,055.32

Major Expenses
Renovation $ 885.73
Shipping $ 127.12
Advertisement $ 288.82
Telephone $ 424.31
State Sales Tax $ 123.00
FED QTRLY $ 1,817.40
Insurance $ 782.00
Repaire/Mntnance $ 2,824.26
Office Supply $ 321.21
Professional Fees $ 320.00
Property Tax $ 504.02
Rent/Lease $ 15,600.00
Soap/Vending $ 2,049.29
Unemployment Tax $ 219.24
Utilities GAS/ELEC $ 13,394.39
Late Fees $ 50.00
State Entity Tax $ 250.00
Total Expenses $ 43,911.13

Profit $16,087.38

Is this a potential buy?

Thank you in advance!!

[azkid]

Am I the only one confused by your numbers? You list $45K and $55K as the gross sales, then list $43.9K as the total expense and a net of $16K? I also don't know if you meant the mat has no customers or rather that it has no new customers.

The mat could be okay if you think you can at least maintain the customer base, if it works with your work plans and is convenient from where you live. You can review the numerous previous valuation posts also