You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

Economic UncertaintyEconomic pressures, such as inflation and fluctuating interest rates, created hesitancy among renters.

They have full time staff dedicated to seller/owner outreach and relationships...dialing all day every day.Seems like there would be lots of opportunity in SFR and apartment space in your market with interest rates nearly double caps rates.

entirely stick frame and if stick frame are you using TJI joists, what kind of structural sheathing/fire rating requirements are necessary? 

There’s a lot of construction, which could hurt both prices and vacancy rates.

They have always rented them at well below market rate and the repairs were made by the tenants.

I looked at their booking calendar one time and thought it was pretty empty.I guess you don't know until you try...and probably depends on if you want high occupancy or high rate?

My question would be is a 6 cap the going rate in the area for that building.

Saul, Phoenix and Vegas are popular markets, but I’m not sure they’ll actually cash flow well with today’s prices and interest rates.

The advantages is that you can buy with low money down and will get a better interest rate.