How to truly analyze investment property? Cap rate? Cash Flow?

[Austin Johnston]

I am in the process of negotiating the purchase price of my first multi family home. I've run every algorithm that an individual could recommend, and all seem to check out. Is there a simple and effective way to analyze a property, or is calculating the cap rate, 1% rule, 50% rule etc, cash on cash, NOI, all necessary? Looking for some insight.

Background:

Excellent location

Duplex- $1,500 per month gross

3900 sq ft 8 bedroom home 3 bath

Current negotiation at $83,000 (closing costs included) 

Down Payment $2,500

Tenants pay all utilities

$3,700 annual taxes

$360 Insurance

$1,000 start up expenses

No management fees

Loan 4% for 30 years