How does this deal look?

[Rj - Myers]

Hello all, I'm looking to buy a semi run down investment property and being new to this I was hoping I could ask if you see any issues with this deal I've found and would like to try to move forward with.

monthly gross income is $5535 expenses are about $1624/mo NOI roughly 46,920/year.

Purchase price has been set for $370k

Theres 15 paying tenants and 15 vacancies that need work/ city approval to work on filling the vacancies.   Total units in the future could be 30, currently at half occupancy (15 paying tenants)

Is this roughly a 13% cap rate?   I wasnt sure what the Cash on Cash return rate was.  

The seller said he wasnt interested in owner financing at this time but that would be ideal, he is an older gentleman ready to retire.

Any suggestions on what a good deal stucture could look like. ?

Thank you so much for your help!

Rob