I stopped reading after 1 mill and 85k gross, using the avg. that's TERRIBLE, so about 3% net cap, not good.

With a 32000 NOI, this property is being listed at a 5 cap?

Pick your plan, look into the Kansas City area, use market comparisons, check your money power, look into loan options, put together a team, check cash flow, ROI, and Cap Rate, and make your bid after careful checks and talks.

Please make adequate allowance for vacancy, management, property taxes, insurance, maintenance and cap ex. 

Just wait for the cap ex to hit....

.: Quote from @Steve Vaughan: We're all peaches and cream compared to Bob Bowling the cap rate dictator, Thomas S the tenant and property management Nazi and Uncle @Bill Gulley educate the right way or no way.

With the Income Approach, the appraiser is going to evaluate the income and expenses of the property to develop the Net Operating Income, then they'll apply a market Cap Rate to the deal.

What’s the avg cap rate for 1-4 unit multi family near ASU Tempe.

Get to go slow and learn over time, build capital, and qualify for the primary res cap gain exclusion. 

You posted the raw data, just go one layer deeper to get to % returns to confirm your purchase price in relation to your expected return/profit/cashflow:$5,500 + $3,000 = $8,500/mo or $102k/yr GOI (gross annual rent collected)Knock off 25% for expenses and you are at $71k/yr or $5.9k/mo NOI on this $1.05M investment or holding this at a 6.8% cap rateWith your 7%, 75% LTV loan, you'd be paying $5k/mo for the loan, leaving you with $900/mo or $10.8k/yr in Cashflow.Now to determine your CoC return (Cash-on-Cash), take the $10.8k in CF and divide it by your equity-in, likely ~$300k, so 3.6% return on your cash/equity in this deal.