First 8 unit multifamily property, good deal?

[Navid A.]

Good evening BP!

Came across an 8 unit property and I'm really close to pulling the trigger on my first multifamily deal, but before I do...thought it would be best to check in with my favorite online community. Any suggestions and/or thoughts on the deal would be appreciated. Here are the details:

All units are fully occupied, 1 BR/1BA x 8

Listing Price: $250,000

• Gross Rent: $3,495/mo or $41,940/yr
• *Operating Costs: $1,130/mo or $13,560/yr
• Net Profit without financing: $2,365/mo or $28,380/yr
• Fair purchase offer would be...? (I'm thinking no more than $236k)

The building is all brick and has a new roof installed. Rent is currently under market at about $436 each, market rate is currently $475. 

*Operating cost includes management fee, maintenance, and accounts for an 8% annual vacancy loss.

I'm seeking commercial financing for the property. Since this will be my first commercial loan, I'm not too familiar with this side of the game. Would I still need to put down about 20% typically? What purchase price would make this deal enticing? The figures mentioned above don't account for financing, property taxes, and insurance which I've estimated to be about $1,600/mo on a 20 year note at 5.2ish%. What should I consider when negotiating this deal, I'm sure there are aspects to commercial real estate that I wouldn't be able to think of off the top of my head. Would love to hear your experience and wisdom before I make an offer on this property. 

Thank you all in advance, 

Navid