1%-2% rule? Need your experience

[Rick Oaks]

Im new to larger apartments. I’m looking at a 8 unit building with $5100 month in rents. Building is in reasonable shape and units have various amount of updates Overall decent building in rural and safe area. Owner wants 510k ( 1%). My concern is in my area rents and appreciation are basically nonexistent. Am I unreasonable to think that it should be closer to 1.5%- 1.7%

340k - 300k sale price?