First Multi-Family deal or no deal

[Brian Cain]

Hey BP family. I have a deal in which a contract is close to being signed, all-cash deal. The return looks great but for some reason, red flag are coming up. Heres the run down. This apartment building I'm interested in is in a rural part of Nevada, the population of about 5000. Ill put the breakdown of the deal below. Keep in mind this will be my first deal. In my contract i put  "Agreement is contingent upon the Property appraising at no less than the specified purchase price". Seller wants this removed. Mind you the last time is was appraised was back in 2006 which that is what the offer price is being based on. He wants me to put in the contract that I agree to buy as-is. Not sure if that's a normal request. Also just found out one of the units needs complete electrical rewiring. To me, he seems like he wants to close fairly fast without proper due diligence period. Feels rushed. Like I said I'm new. This may be the norm but I wanted to run it past you guys first. Thanks for the help.

14 unit 

Sales price $565,000 (Cash Offer)

Total monthly rent $6720

Annual Gross $80,640

Expenses $27,000

@ 5% vacancy NOI will be $49,608