Multi-Family in Tampa: How would you value it?

[Kusum Chanrai]

Hey friends! 

I'm a new investor (very green), and I'm thinking about putting an offer on the following property. It seems quite "safe", albeit with minimal value add. 

1) Any advice how to determine the value of your first offer? 

2) I'm NOT in the area, but am very interested. Is an LOI sufficient if I want to stay in the running. I've been advised to go straight for an offer, but I'm not ready for that.

3) The area seems v. promising. Strong schools nearby, 20m to downtown Tampa, However, according to BestPlaces.net, the crime rate is very high. What's the best way to evaluate that further? 

Thanks in advance for all the help! I really appreciate it. 

The Oaks. 

Price	$725,000	Cap Rate	9%
No. Units	12	Gross Rent Multiplier	65
Building Size	14,112 SF	Occupancy	100%
Price/Unit	$60,416.67	No. Stories	2
Property Type	Multifamily	Year Built	1988
Property Sub-type	Garden/Low-Rise	Lot Size	24,564 SF
Property Use Type	Investment	APN / Parcel ID	U-06-28-19-ZZZ-000001-26920.0
Commission Split	2%	Parking Ratio	3.50 / 1,000 SF