Max Offer on This Property?

[Okeoma M.]

SFH. >50 years old; Renovated in 2006. 4BR/2BA 1300 sq ft each. Area = B class (walking distance to a private university; tenants will most likely be college students)

Rent: $1,200/month

Expenses:
Taxes = $200/mo
Insurance = $125/mo
Maintenance = $100/mo
Vacancy Loss at 5% = $75/mo (Asked owner to see previous leases and home has not had any vacancies for the last 3 years, but is currently vacant; lease ended 7/1)

TOTAL EXPENSES: $500/mo

Principal and interest = between $400-$450 (depending on final purchase price; Pre-approved 20% down, 4.5% interest rate for 30 yrs)

Closing Costs: $3,000
Estimated Repairs: $0 (move-in ready).

What's your max offer? What do you think of this deal? Thanks in advance.