Input on offer price

[Jim Viens]

I'm talking with a guy right now that owns 8 SFH rental properties he's wanting to divest from. One property in particular is a 3/1 with single garage and full basement on a quiet street.

Market values in the area are around $70k-$75k. All his properties are well-maintained. This one in particular the roof, HVAC & water heater are all less than 5 yrs old. There is a renter in place paying $850/mo on a brand-new one year lease. Cost assumptions I'm using are:

Vacancy - $42.50

CapEx - $42.50

Property Taxes - $129,.75 ($1557 last year)

Maintenance - $42.50

Insurance - $100 (?)

Management - $93.50

That leaves about $400/mo for P&I and cashflow

My question is...what would you pay for this property? I've got a ballpark I'm thinking of but wanted to run this by the BP community to see if I'm thinking right.

Thanks in advance!