Good deal or not ? 30 unit

[Mike B.]

I need some opinions and constructive criticism

There has been a deal offered to me couple days ago , off market .

Location - downtown , near community college . I would say it’s a decent location and up coming

Age - built in 2000

Units - 30

Sq ftage per unit - roughly -680 and some studios for 30 sq ft less

Current rent rolls are averaging around 890-910

I see new rents at 950 so they are creeping up .

Asking price right now is 3.5mil but realtor says to submit offer , both of us knowing it won’t be no where near that

Metered units

No pool , no major common area expenses

Small parking lot .

Brick building

Units are ready to go , recently renovated

It’s turn key

What would you do ? I wouldn’t like to think a 1 bed 1 bath can rent for much more than 925-975 , I’m researching the rates currently but just off the top of my head , 900-950 is fair for 1 bed 1 bath for downtown and won’t have a problem with vacancy and renting out

i estimated expenses at 41 % gross income from spread sheet

They had it at 30%

Thoughts and opinions