60 Units in Milwaukee

[Jeffrey K.]

Please advise. 60 unit building in a A- area. Not looking for $100/door. They are asking 2.4 for it. He said he would be willing to finance it with a nice down payment. What price/terms would you shoot for.

Jan - Dec 08
Ordinary Income/Expense
Income
Rental 323,598.91
Fee Income 1,941.82
Total Income 325,540.73
Expense
Advertising 522.00
Equipment Rental 503.72
Insurance 1,700.36
Maintenance & Repairs21,315.12
Payroll Expenses 24,674.48
Professional Fees 2,664.50
Supplies 2,158.00
Taxes 45,386.95
Telephone 241.32
Utilities 30,558.45
Total Expense 129,724.90
Net Ordinary Income 195,815.83
Net Income 195,815.83