61 unit multifamily deal

[Jerrmarco Rhodes]

Hello,

I found this property and I was curious to see if it comes close to a good deal or not. I used the 50% rule but I may have made a mistake so i would like if you could help me out with this. Thank you.

Milledgeville, Ga
# Price: $2,150,000
# No. Units: 61
# Building Size: 37,440 SF
# Price/Unit: $35,245.90
# Property Type: Multifamily
# Property Sub-type:
Garden/Low-Rise
# Property Use Type:
Investment
# Cap Rate:
8%
# Occupancy:
94%

# Year 2008
# Scheduled Gross Income $340,404
# Effective Gross Income $340,404
# Operating Expenses $143,631
# Net Operating Income $196,773
# Pre-Tax Cash Flow $196,773