Considering a 4-plex, would you do it?

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Hey all! I'm considering purchasing a 4-plex. It's an older apartment building, in a nice part of town, good school districts. It's listed for around $356,000. I would put down 25%. Mortgage would be around $1300/month. We asked for the financials on the property, this is the "best year." Each unit supposedly rents for 875-1000 per month, which makes me think they typically operate at 1 unit being empty or being turned over. This gives a much better view of what the potential income/expenses is than I had come up with in my analysis. If I had the same success they did, and had the net income of $20,254.00, I would still have to pay the mortgage, which would be approximately $16,200 for the year ($1350 x 12), which nets me around $4,000 for the year, or $333 per month. 

For adding value, the units do not come with washers and driers, I could add those. But otherwise there's not a whole lot to be done. Could bring all rent up to $1000. But man, this is razor thin margins. How are people making money in this game??? Would you do this deal? Spend $89,000 down payment, plus closing costs, to make $333 per month?

[Jacob Sampson]

I would not pay $356k for $2900~ in monthly rent.

Never provide washers and dryers.

Further, I would doubt that 20k will be your long term average NOI. For example, the repairs and maintenance are lower than what they will be as an average, especially for an older building.

Unfortunately, this property won't cash flow even if you do drive rents up to $1000.

To your last point, REI is not as simple as the books and guru's make it sound. Most properties don't cash flow, especially in this sellers market.

Keep analyzing properties, though.  That is how you will learn to recognize a legitimate deal when you see it.