Evaluating Quadplex deal

[Austin Weber]

Looking for some more experienced advice/perspective on a quadplex I want to make an offer on. I'm new to this and looking to make this my first deal. This property is on the MLS currently listed at $540k. It fell out of contract a couple months ago but it had an inspection and appraisal done at that time. It appraised at $553k and the inspection showed lots of minor to moderate deferred maintenance, mainly needing a roof and some foundation repairs and a few water leaks inside that need addressed. It has tenants in place until 2025 paying $1150/unit. I've been trying to wrap my head around what an appropriate offer would be and the numbers just don't seem reasonable.
I’m coming up with: 

$4600 monthly rents

$450 insurance 
$950 taxes 
$690 Cap ex, Maintenance and Vacancy 5% each
$400 water/electric from current financials 
$130 landscaping from current 

Which leaves me right under $2000 for a mortgage payment just to break even, which is a purchase price of $375k with 25% down. Not including any repairs or renovations that’ll be necessary. I know I’d be able to adjust rents and/or pass on at least water and electric expenses down the road. 

My questions are: 

Does offering $375k to break even but cash in on equity make sense? It’s hard for me to think someone would consider an offer at this price but I’m not in their shoes. 
Would you offer higher, like $450k, and just eat the water and electric until the leases renew and you can adjust that out? 
Is this a deal that really just needs a large down payment to make sense? 

Any other thoughts are greatly appreciated!! 

- Austin