[Calc Review] Help me analyze this deal

[Eugene Glukhovskiy]

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*This link comes directly from our calculators, based on information input by the member who posted.

Hey, I got in contact with a wholesaler by Rutgers university regarding this property that is one block away from the campus. It is a ranch with 4 bedrooms/1bath. Seller is asking for $360,000 and says 2/4 bedrooms ($750 and $900/monthly) are already leased out for the year and will lease out the other 2 bedrooms once a buyer is assigned. He says the rent will be $3500/month total. I think the selling price and rent price is inflated a bit so I ran a report where I think I am more conservative. This would be my "second" rental property (my first is my coop that I recently moved out of and rented). I just thought this deal was intriguing due to the proximity to college campus and that you can have 4 students rent rooms out individually. Thanks for the advice guys, I appreciate it.