We just needed some confirmation.

AND confirm that all homes (a point many miss is that leases are specific to home site and NOT the home owner) have the same lease or you could get burned badly!  

Tell them they are free to call their old landlord to confirm the change of ownership if they need to.

I would estimate closer to $2400/yr.I would also confirm that it's a legal 3 family.

You would ask additional questions to confirm and corroborate.

I searched the deed and confirmed that there is equity and I would look to pursue this to wholesale it. 

Also, It seems like you need to confirm whether you will be able to get a loan before you make this decision.

Heres the way I calculate it,(Gross Scheduled Rent) - (Vacancy rate (at least 5-6%)) = Operating Income(Operating Income) - (Repairs & Maintenance + Utilities + Taxes + Insurance + Management Fees (at least 8%) + Replacement reserve (capX)) = NOIThen I simply divide the asking price by the NOI (Asking Price /  NOI) to get the cap rate.I can't find anything above 5 or 6 % at best, am I doing something wrong or does the MLS just suck that bad??

After PITI, PM fee, capex & vacancy reserve, it cash flows around $300 monthly.

Most banks will require reserves on additional rental properties, usually 6 months.