two 5 units side by side...here's the numbers

[Patrick Singhurse]

Hi fellow investors,

Ive been a investor for a couple of years now but new to this site.  I came across 2 houses built in 1890 split into five 1bdrm apartments each.  Landlord pays all utilities. Decent area of town. Lots of rentals in area. Both house are in good condition. New roof on one. Four new furnaces and ac units in one. The inside of apartments could use some updating. Hoping I could get your feedback whether or not you think this is a good deal.

Asking price: 60k (30k each)

Gross Yearly Rents: 50k

Property tax: 2600 yearly

Insurance: 1600 yearly

Utilities: 11,000 yearly

Vacancy: 10% of gross rents  5,000

Maintenance/Repairs: 7,000

Expense 27,200

NOI=22,800

CAP Rate=38%

What do you guys think?