how to value a 3unit with no tenents

[Michael Smith]

I Have found an interesting 3 unit property in chicago. It requires a lot of work but that is where the opportunity.

Now looking at rents in the area i think i will get around 3.3k after costs it should be around 1.5k looking at places in chicago the cap rate that i have seen is around 7 -10% i will use the 10%

my NOI would be 15k with 10% cap the value of the property would run at 150k ?

can anyone comment on this for 150k you cant buy much in chicago proper and i was looking at the cost of getting this place to run around 300k

does this deal is just off ?

Thx for comments