Say you do want to go ahead with this purchase, I'd be curious if the property came with tenants, if there are repairs you could make to increase the rent, and if you have factored in closing costs.Lastly, CoC works well to calculate a yearly return, but it won't capture the benefits of the renters paying off your mortgage year after year.

Who knows how much of a factor the laundry played in getting it filled.

Must consider the rollover risk and include a vacancy factor in your model. 

However I want to point out another factor.

Replacement Cost coverage does not take the depreciation into account so the age should not be a factor.  

There are many factors to consider so it's difficult to give any generic advice on BP. 

Similarly I ended up renting a marginally negative cash flow property including cap ex. that most folks on BP would hate but factoring in that the tenant is paying off my mortgage $250 every month I have kept it.

None of these numbers even factor in rent increases, which may be warranted or feasible now and/or in the near future (likely multiple times over 9 years).

If inventory shrinks as interest rates rise, you have two opposing price factors affecting the market at the same time.

You may find that when you factor these items into your analysis, your cashflow will be lower than $360/mo, and possibly negative in some cases.