Store front property

[Alan Bostick]

I have found a store front property that is FSBO in an historic district of town in the Greater Akron Ohio areas, asking 550k. Seller has 100% equity and is mom and pop owner. 8/9 units occupied. The basic numbers seller has provided without letter of intent is 95k annual rents, 25k annual expenses. From my knowledge the area Cap rates are between 12-15%. If I did the math right I believe this property is selling at 12 cap. Given if these numbers are accurate would this be a worthwhile investment? What other details should I be looking for in assessing this property?