5 Unit Feedback

[M. S]

Hi - New to the forum and I am looking at purchasing a 5 unit in my area. I have run numbers inside and out and it seems like a good deal if I can get the seller to come down on the price but I thought I would bounce it off the group for comment.

Details

5 unit ( all 2BD/1.5bath)
List price 419k
Rent Roll - $850 / unit or 51k YR
Vac. Rate 8% or 46K Gross
The building is 25 years old with a new roof and has been maintained.
Fully rented.

Operational Exp: (numbers verified)
Ins: 2k
Maintenance Cost: 7% Gross or $3200
Management Fee: 6% Gross or $2900
Property Taxes: 8k
Total: $16100

[b]Purchase Price: 339K
Downpayment: 30% or $98700
Debt Service: $1720/MONTH (30% down 6.5% @ 20YRS)
Based on purchasing the property @ $329K

Cash flow ranges from 10k to 14K year depending on VAC. rate. A ROI return of roughly 11~15% a year[/b]

Some additional comments. This past year multies have been selling close to assessed value by the city - in this case the assessed value is 369k - too rich for me. The 329k figure is a number that I came up with based on running numbers and I consider the highest price I would pay.

Thoughts? What would be your entry point or would these numbers work for you?