Possible deal? 6-unit apartment building...

[Joe Gleason]

Sanity check please..

Six-unit apartment building, 2@2bdrm, 4@1bdrm.
Asking price is $299,000.
Gross Income is $55,200
Expenses $27,600 (50% rule) stated expenses actually $20k
NOI $27,600

Figured on offering 275k, 5% down payment. Finance $262k 30yr @ 8% = $23k annual payments. Positive cash flow $4,600 annually.

Building is in good condition, new roof two years ago. Area of town is good, corner lot next to city park.

Good, bad, in between?