270k asking, 3700 monthly gross. Would you do it?

[Stephen Adams]

Hi guys. Great information here. I'm at the learning stage and excited to move to the next stage and find some deals. I'm looking at 2 fourplexes and wanted to get some others' thoughts. They are listed at 270k. With 2 vacant, the other 6 are currently grossing 2600 a month. At 100% occupancy, gross would be around 3500 a month. I talked to a local property manager and he believes the rents are a little below market. With 100% occupancy and market rent, he believes gross would be around 45k (40k with vacancy) with 16-18k in expenses, netting 22-24k a year. Using the on the 1% "rule" as guidance, it's a good deal. Would you do it?