How would you make this South San Francisco Deal work

[Calvin Liang]

Hi, I am working on my second deal, first one in the bay area. Would like to get some feedback/advises.

Here's the number:

Number of Units: 8

Purchase Price: 3M

Total Income: $10,788/month

Total Monthly Expenses: $1525/month

NOI: 9263/month

Seller Financing: Seller would carry 60%@4.5%, maybe 70% for 5 years with a prepayment penalty.

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3M is definitely too expensive for that income. Current average rent per door is $1349. Base on my research, market price should be $2200 - $2500. 

It looks like a value property, but given that everything is over price in the bay area, I don't know if it makes sense to invest here and if it is, how should I make this work.

Would you interested in a deal like this? What would be your exit strategy?