Analyze my numbers please 30 units

[Mike Campbell]

30 units, 4 buildings, right next to each other.

10 units’ vacant, current owners are paying water and have move in specials to “sweeten the deal” their words.

All units individually metered.

My analyses for vacancy rate are, rent to high and too many 2 bed room units for rent in town.

Actual Current gross rent $130,200k

Expenses 80 k, I calculated a little high to cover the following 5 years.

130,200 – 80k= 50,200 NOI- P&I of 44,913.36= $ 5,286.60 net per year

$50,200 x .10cap rate= purchase price of $500,200

Reduced rent.

I lowered to rent rate on all units, three and two units, to reflect supply and demand, cost of living going up, people have less money to live on and I see it getting worse, state and local rezones'

Future gross rent $ 123,600

Expenses 80k, I calculated a little high to cover the following 5 years.

123,600-80k expenses= 43,600 NOI – P&I of $39,008.40 = yr profit of 4,591.6

43,600x.10 cap rate= purchase price of 436,00

Rent out vacant unite @500 a month x 12=60k profit

Am I wrong?

If so where?