Multi family deal in Waco

[Yuvaraj Vimawala]

I am a 12 SFR investor from Austin area. I follow the BRRR strategy. Tired of investing in SFRs and the slow growth, looking to invest in multi family. Here’s a deal in WACO that i want to place an offer: CLASS - C/C+ Units - 14 + duplex = 16 Mix - 2 BED 1 Bath Rents = 575 average Cap rate 9.2 % actual (Or So they say) Previous owners bought it for $545k List price = $680K All bills paid community Total operating expenses -$55k NOI = $62K Cash flow is around $2.4K / month 100% occupied with rent roll 6mins from a a good university Numbers check out on paper, value add opportunity is also there. In thIs market where most deas go under contract in few data, Does this seem too good to be true? Waco area experts, looking for your guidance. What should I offer?