NOI listed is reflective of owner operated costs

[Glenn Gerisch]

I'm currently interested in a 20 unit garden apartment for sale that is listed at a reasonable CAP rate. My issue is that the property is owner managed and the NOI provided is based on expenses that would not be reflective of costs under a property management company. For example, the owner takes a fee that is half of the current going rate for property management and some family members are paid cash on the side for services and assistance. The Broker said the owner would not consider an offer based on my estimate of costs, even though they appear reasonable for third party management and services. Although the obvious answer might be "move on to the next opportunity", I'm looking for suggestions on how to justify my offer, or other strategies, because this is the fourth opportunity in a row that has the same issue. Thanks for taking the time to read this and offering any suggestions.