Evaluating Value of 32 unit MF

[Samantha Vice]

I am currently analyzing a deal I've come across and I think the asking price is outrageous but all of my real estate experience is in flips and I know that single family homes and multi-family is very different.

Here are the details as I know them currently:

4 buildings, with 8 units each (total of 32 units); each unit approx. 

All units are on the ground floor, all units are 1 bedroom & 1 bathroom.

432 sq feet. No laundry on site.

Currently 9 units are vacant and need "cosmetic repair" which ranges from no refrigerator, to new flooring and paint.

Current rent rates are as follows:

13 units @ $325/m

6 units @ $375/m (but one is occupied by the Property Manager and is charged no rent)

1 unit @ $300/m

2 units @ $280/m

Market research says that with repairs each unit should be renting for $425. I have not yet been inside each unit that is occupied but my assumption is that each will need work before I can charge the $425.

Current Expenses: Total is $1,971/ month (this includes on site manager rent, water/sewer, property taxes, property insurance, two trash containers, common area lighting, and an averaged maintenance expense; this does NOT include loan payments if property were to be mortgaged as I will have to do it)

Asking price is $750,000

Please note that not having yet viewed the occupied units is not due to laziness or lack of due diligence; but rather it has not yet been arranged and I do know that cost will have to be calculated into my expenses.

What is the best way to go about calculating a value of the property?

Any and all advice is greatly appreciated!