Analyzing First 9 unit deal

[Kimberly Harten]

Good Morning,

I am a new investor looking over a 9-unit deal.  I used the buy and hold analyzing tool and the results are:

Monthly Income:  $5067

Monthly Expenses: $3992  (in expenses I included 10% for each- vacancy, capex, repairs & management)

Monthly Cash Flow:  $1074

Cap Rate Projection: 14.45%

I'm looking at about $119 per door per month in income.

List price is $155,000 on the market for over a year and the owner has several multi-units and everything is for sale.  Older business man.  Property is fully rented.

So where do I start on my offer.  I'd like to be buying around $130k however, I would also like to negotiate the seller holding some of the paper so that I don't deplete my cash on hand and can move on into another deal right after closing this one.

Any suggestions?  Does my deal look viable?

I appreciate any and all advice.  

Thank you,

Kim

[Jay Lalik]

A bit off topic, but 155k for 9 doors in CT?

Is Utah just insane now? I can't find a duplex for that.