What would you offer on this portfolio?

[Mike Terry]

I came across a portfolio of 7 duplexes.  Please let me know what you think? 

Description:

• 7 duplexes, 2/2 with 1 car attached garage (one with no garage)
• built in 2001
• B+ class neighborhood, steady rental a lot of multifamily in the area
• all on the same cul-de-sac
• wood frame, 2 story, vinyl siding
• taxes $3144 yearly
• insurance $800 yearly
• tenants pay water and electric (electric heat)
• currently fully leased
• Amateur property management, one tenant manages property

Back of the napkin calculations:
Net Operating Expenses (Per duplex per month):

Taxes: 262Capital expenditures: 100

Property Management: 170

vacancy: 85

insurance: 66

Total Expenses: 923 (11,076 yearly)

Gross Rents: 1700 (20,400 yearly)

NOI: 777 (9324 yearly)

asking price: 185000

cap rate: 5%