Okay, What am I missing on this one

[Andy B.]

So, I'm new to BP and new to RE investing and am trying to figure out the way of things. I tend to see "deals" and think that if I can find it, why hasn't someone else - so there must be something wrong with my so called "deal".

Here is an example:

17 unit complex
Built 1954
Brick exterior
All units are 1/1
$575 per unit
Taxes listed as $9,264
some covered parking
on the market for 119 days

Asking $375,000

Pictures make it seem like decent repair and listing says "mostly occupied"

So why hasn't someone made a run at this one? The numbers look okay -- if I did it right, using the list price as the purchase price, Cap Rate is 11% with a Cash Flow of $9,100 (assuming 80% LTV w/ 10% interest rate).

I assume some repairs will be needed and vacancies might be a little higher due to the 1/1 situation, but the rents appear to be on par with what I have been seeing for the neighborhood. Further investigation would be done should I pursue, but I just seem to wonder if investigating is really worth it since everyone should have seen this by now...

So what am I missing? Numbers too low or am I not asking the right questions?