http://www.proapod.com/LearningCenter.htmFormulasBreak-Even Ratio (BER) The ratio often used by lenders when trying to decide whether or not to underwrite an investment property loan...Capitalization Rate The popular return used by analysts to measure an asset's financial performance and make similar-type property value comparisons...

What I found is that the Phoenix  market will cash flow fairly easy in comparison (there are  1% deals).   

All other expenses pale in comparison when you have no tenant and the unit is costing you money every month (even if it's free and clear because you still need to pay taxes, insurance and some utilities specially in the winter).

I looked at a few properties that were so far from what was described or what the pictures looked like in comparison to actually seeing the property.

Definitely get some other offers for comparison.  

For comparison, I just finalized a quote today for 1,006 total units

In comparison vacancies in multifamily are easier to absorb due to its scale.A 30 unit multifamily @ 1.5 mil implies you’re buying at 50K a door.

One problem with your analysis comparison with REI...and it's a big one,...make that a huge one. 

@Juhi Banerjee, appraisers for 2-4 units will use the same valuation methods as a single family home: Sales comparison, Income and Cost approach, with a reconciliation section to account for the variances.  

Some factors to take into account will be the overall condition of the property and current rental income in comparison to market rents (comps).Queens has many SFR with liveable basements so you may be able to find someone willing to househack and keep the current tenants but you'd be working with a very specific buyer pool and this could lead to less interest in the home, a lengthy selling process and a below-market selling price.With regards to giving notice to the tenants, assuming you're going to aim to close when their lease is up in April, I'd mention it 30-60 days before putting the property on the market.