Best Bargain or Too Good to Be True?

[Alvin Sylvain]

I am in California, but I have a daughter who lives in St. Louis, so I might ask her to bird-dog for me.

I found this 2 building, 12 unit apartment on Loopnet.com for $385K. Current rents total to $6600/month. Each unit is 2x1 and from the description, it would seem it needs little or no rehab work. Every way I work the numbers, it comes out smelling like roses, anywhere between $1600 to $2400 monthly cash-flow, depending on unknowns like maintenance, taxes, insurance, and assumed-knowns like property management and capital reserves.

Now, here in California, $350K will hardly buy a 2 br SFR, nevermind an apartment. And I'm noticing even in the St Louis area, multi-unit apartments usually price at million on up.

SO -- am I looking at a misprint? A scam? A money-pit? Or a golden opportunity that somehow nobody but me has noticed? (despite having been on Trulia.com for over 500 days)