New Memeber/Investor deal analysis

[Michael Hoss]

I am glad to have found this valuable real estate investing forum, I am novice and willing to learn by reading and following advice from the members who have been in my position. I thank you all.
Searching online, I found this potential deal I need your input on
36 class c multifamily unit all Bill paid property in TX 30 minutes from were I live
According to seller, %93 rented, 2 vacant, 9.1 cap rate asking $790k, from 2012 actual P&L figures are as follows:
$225,193.96 Total Income
$152,705.89 Total Expense includes tax, management and utilities, make ready
$72,488.0. Net income, seller mentioned rent is $30 below market currently between $570 to $600
What should I ask, look for, be careful off,
I am 36 years old, IT freelance consultant, works from home, have $400k to invest for passive income, no debt, wanting to retire 55, please advise Good, fair deal or stay away , what to expect in finding financing, what to offer seller based on numbers, what is the going commercial interest rate for a $350k loan? What is the average loan length, can I manage it myself and free about 30k management expense?
Novice who doesn't want to make a mistake with 10 years of savings.
Thank You

[Jon Klaus]

Hi Michael, welcome to BiggerPockets.

There is a lot to multi-family analysis and I won't attempt to dissect your deal. I will say I do not like all bills paid deals because of the potentially unlimited utility expense. These properties can be converted to separately metered, but they tend to be older properties, and often functionally obsolete.

There is so much more to consider. It stil could be a deal, but all bills paid, is a red flag.