Newbie First deal - Soliciting opnions and advice

[Tyrone Williams]

Hello,

It was recommended to me that I ask for assistance in analyzing a deal in this forum. So here are the details of my deal.

Multifamily Property -

The property consists of 33 units in 3 buildings. 

Price: $350,000
Price Per Unit: $10,606
Approx Sq. Ft.: 20,624
Price Per Sq. Ft: $16.97
Year Built: 1959
Current Rental Rates $525 / mth (avg.)

Potential Monthly Rent Roll: $15,000+

Utilities: $2,000 / mth. (est.)
Insurance: $8,000 / yr. (est.)
2013 Property Taxes: $7,000 (est.)

Utilities separately metered, landlord is only responsible for water (hot and cold)

One building is fully occupied and the other 2 are in need of renovation
flooring, appliances, paint etc. Some units need HVAC and or plumbing/electrical.

Cap rate - 10% 

Class A

GRM - 1.70

This property has been reduced from $400,000. There may be an opportunity to have some seller financing as well. The offer was originally advertised then removed from the listing when it was updated.

Any opinion at all would be greatly appreciated. If I do not have enough information or analysis please do comment.

Thank you in advance for your time and comments. Have a great day!