Need Formula for evaluating a Four plex

[Joi Maxey]

I am in the process of evaluating a deal involving a Quad/Four plex that needs major repair. The 4 units are all 3/2's. The Seller states that two of the units are rented for $700.00/mo but can go up to $750-$800.00.

Major repairs are needed for the other two units that would total about $40k.

There are no real comps for 4 plexes in the area. I perused this site for a formula and I reviewed the Cap Rate information, however I'm not sure whether that would apply to a 4 plex or not.

My fee to wholesale this deal would be about $5k. I'm trying to of course determine what I can offer the Seller that I could then wholesale to a Rehabber/Investor that would be attractive enough. Any suggestions?