Eightplex deal

[Thomas Brady]

What's up BP! 

I have found a very interesting deal that I would love some experienced investors to weigh in on. 

The deal is as follows: 

Eightplex in Hickory NC

Asking price $210,000 (trying to get it down to 150-170k, but am using 210k for the numbers) 

Gross rents: $2,900/month or $34,800/year (Between $330-400 a door) 

Tenants pay all utilities

I am requesting a 1040 schedule E and the T12's from the seller, but for now am forced to use the 50% rule. using that, operating expenses are $17,400

NOI: $17,400

Cap: 8.28 

Debt Service: $8,700

Equity Dividend rate: 16.5% 

The area isn't great or terrible, probably a C or C+ area. I don't see too much market growth in the area based on historical data, however it is right next to Lenoir Rhyne university which enrolls around 2,000 students per year. 

What do you investors think of the deal at $210,000? I am going to try to get it down to at least 180k, but if it were bought right now, what are your thoughts? Let me know if you need any more info. 

Thanks Everybody! 

[Thomas Brady]

Thanks Everyone! 

I will re-evaluate this deal and make an offer that will definitely meet my needs, I'd rather have no deal than a so so deal anyway.