$2,200,00 for 44 SFR Rentals. A fair deal?

[Anthony Bonanno]

I have an opportunity to purchase 44 SFR rentals in my area. I'm trying to evaluate if this is a good deal. Here are the numbers:

Annual Rents= $378,780
Annual Taxes= $50,168
Annual Ins= $16,080
Assessed Value= $2,411,900 (I’m currently working on getting comps)

They are 100% occupied and a majority have long term contracts in place. Rents are on par with the market with a possibility of slight increases over the course of the year. I'm waiting on getting his annual maintenance numbers. They're located in "ok" areas, meaning older parts of the city but not considered crime areas. They range from 1-3 BR. He grew up in the SFR rental business with his dad so he's been doing this a long time and is looking to cash out.

He’s asking $2,200,000 for the entire package. Is this a fair price? Any financing ideas to maximize this opportunity over a 10 year period? I’m a licensed real estate agent and this would include a 6% commission that I’m considering using as part of the down payment. Would a contract scenario be applicable or would bank financing be the best option? He’s a friend and I’m not sure if a contract would be the best approach due to our friendship. I’m turning the big 5-0 and would consider this a good retirement option. What other questions/information do I need to consider?