4 family in Irvington NJ

[Gal Alberman]

Hi all, would like to hear your opinion on this deal:

- Irvington NJ, at the southeast part

- 4 family, didn't see the place yet, owner says it's in "ok" condition meaning no fixing required yet. all units are month to month

INCOME: 3br ($1250) + 3*2br ($1050 each) = $42,800

EXPENSES (rounded):

Tax - $10,000

insurance - $3,000

water / sewer - $800

common electric - $500

heating and electric are seperated

my additions:

super - $2,000

maintenance 5% - 2640

vacancies 5% - 2640

management 10% - 5280

TOTAL -  $26,860

NOI = $25,940

How much CAP would you assume for this deal to determine the offer (let's say it needs 15K in update)?