Making sure I understand the misinformation from this listing

[Ryan Moore]

I’ve own a MF property for just over 2 years now and I’m getting ready to start searching for another one. Having the experience that I’ve gained and spending time learning about the financials of owning a rental, I feel pretty good about being able to look over a listing’s presented numbers and recognize anything that doesn’t seem right.

Before I dive back deep into the search process, I wanted to test out my BS radar from a listing and post it here just to make sure there isn’t anything I’m missing. The building for sale is exactly like mine so I’m familiar with many of the standard cost (insurance, taxes, hoa, general repair cost).

The seller list in his remarks that it has a 9.2% cap a couple different times.

First off, the auto generated cap rate from the MLS doesn't even list that, it lists 7.64 based off the numbers entered into the listing.

As far as the numbers entered:

The income ($33,060) minus expenses ($8,965) does not even equal the posted $21,000 NOI. So I don't know how they came to that $21k. That $21k NOI divided by the asking price gets to the posted 7.64 cap.

For listed expenses, the total operating expenses ($8,965) only reflects the 2 entered numbers, HOA ($7,800) and property taxes ($1,165). The expenses do not take any actual repairs into account, nor does it include insurance.

So is my BS radar working ok with the things I pointed out, or am I just missing something and it all makes sense?

I appreciate any input.