Help me underwrite and come up with cash offer

[Jeff D.]

Rent totals annualized $44,250

Expenses Annualized $18,968

NOI $25,281

Asking is $350,000 (5 units) all 1 bedrooms

Not much room for value add. Building is solid.

2 units have tenants that have been there 20 plus years ( their rents are about $100 per month under market rates)

I can maybe raise rents a bit for $2,400 more a yr

I can pay cash. What should my offer be?