@Aaron Arnold is this your first commercial deal? Based on the questions you're asking, I would personally do A LOT more research. If you're serious about purchasing a commercial property, you absolutely must have the financials to determine the value (value is based on NOI with commercial real estate). Furthermore, you can not take what is reported at face-value. You are responsible for doing your own due dilligence as sellers will often fudge the numbers to obtain a higher value.
As mentioned above, you need to research the market for studio apartments. Maybe this building is next to a college and the demand is higher - we don't have that information. $350 is insanely low rent and I'm not sure I would want to bother with a property bringing in that low of rent (think of the tenants you are leasing to). I'm also guessing that this property is not a 6 cap. JoCo might be a 6 Cap. You are probably closer to a 9 or 10 cap (or higher) but again, I don't know the location.
I'm in the KC market if you want to send me a PM to discuss further. I'm more than happy to provide you my thoughts but I'd hate for you to go into a bad deal without knowing your exit strategy.
