Large Multi Unit Formula's

[Wayne Newland]

I am experienced in single family homes and 2-3 units very well. I recently had the opportunity to bid on a 69 unit complex that showed to net 74k after all expenses paid. These units were well maintained and in great shape. Many upgrades and 92% rented with a full time maintenance man and manager on site. My question is how most of you would value this? It had 12 studio units renting for 439 each, 49 1 beds renting for 539 each and 8 2bed units for 639 each. That's potentially over 36k cash flow monthly. The place sold for 1,850,000, did the buyer get a deal?