1st Deal Analysis, Help needed

[Anthony Warlick]

3 duplexes (3/2) on 5 acres.  Average Rent currently is 1200/mo each (7200/mo).  Average rent for 3/2 in the area is 1600/mo (9600/mo).  Asking price $1,250,000.  I can get 30y just under 8% currently from my local bank (7,300/mo mortgage for $1 mil).  Based on current rent not potential rent max price should be 900k to be able to cash flow property.  Am I thinking about this correctly?

[Anthony Warlick]

I did run it through the calculator.  It is showing that 900k and raising rents to $1500 will break even.  What I have found out since posting is that owners are unrealistic on what they can get out of the property and are not willing to drop down that much.  It looks like a no go for them.  Thank you for the offer.

Anthony