Need help evaluating this multi family

[Sean Kuhn]

I have lots of experience with single family homes but I'm looking at my first multi and I needed help. It doesn't have any deferred maintenance and looks nice. Gross rents are 40,800 which is about right. 4 units all 2 beds. Landlord pays water. I always figure vacancy and repair at 20 percent. Asking price is 374k. What do you think? I prefer smaller caps in nicer areas so it is more expensive here. 

[Nazz Wang]

You are missing a few pieces for expenses. Grounds keeping / landscaping / snow removal, trash collection and dumpster if needed, any common areas that need to be cleaned weekly or every few weeks, like hallways (weekly) or basements (would need to be cleaned out every few monthly at the very least), sometimes things like furniture and mattresses will need to be removed from property, any common area electric bills (call local energy company and ask for landlord responsibility)? Does the landlord pay for heat (can call your local energy company)? Verify your water costs (call water company and ask for average, tell them why you need a number). Would you use property management? Depending on class of neighborhood, you might need to budget for evictions and sheriff costs.