Purchasing a Property Management Company and Valuation

[Jason Barker]

The Owner of a small-medium sized property management company has expressed an interest selling and has offered it to me to purchase.  They manage approx 130 doors.  No ancillary fees, only income is from the properties that are rented and Tenants paying.  Annual gross of $185k.  Currently staffs one property manager at $65k/year.  Net is closer to $30k-$35k.  Does this make sense?  If not, what should be done to remedy?  Curious and curiouser!