Landlord buying criteria

[Brian L.]

Currently talking to a seller of a 4 family in NJ. She's motivated. The house ARV is 480k. Rent roll is $5600/month. The property is in very good condition and had updated kitchens and baths 4 years ago. It needs paint, carpet and a little sprucing up. Lets assume 20k in repairs. She has been offered 345k already (71% ARV).

What should this deal be worth to a landlord buyer? Obviously, a rehabber wouldn't buy it. Are landlords generally paying 85% ARV?