Newburgh Heights - What do you think?

[Christian Todd]

Cleveland investors - I'm looking to make an offer on my first rental property.  It's in Newburgh Heights.  It's a 4 unit collecting $2025 month, asking price of $120K.  If I get it for my target ($70K), I'd see $125 per unit per month after all expenses including mortgage. 

My problem is no comps for 4-unit properties anywhere near by.  I also don't know much about Newburgh Heights.  How can I accurately value this property to make sure I'm not offering too much?  It was purchased for $54K in 1990.  Based on county tax record, it's market value went up as high as $110K in 2008, but has since fallen to $50K.  Does this information even matter if the property hasn't been professionally appraised since 1990?  Or am I completely missing the boat by focusing on the price and not the cash flow analysis?

Basically, I need a confidence boost or a wake up call from the forum.  It's my first one and I'm afraid to pull the trigger.  Thoughts???