Banks will want some type of historical data if they are going to lend on the deal.I would look more for a momentum play, an asset that is a bit more stabilized, but is still cash flowing.

There seems to be a fair amount of vacancy of other apartments but cannot confirm.3. 

I'm not sure how that would play in your market.

I also think rent is fairly low so would be easy to fill and could even be increased.Rent is currently averaging $690 per unit so $5520 per month in rent income.Monthly expenses = $1445.

Title insurance rates are fairly standard.The better question is whether you want to choose your own vendor to look out for your interests.

Did you ever play the game Monopoly as a kid and ever win?

It would be just as fair, no? 

Sometimes in markets that are that active, you may want to offer close to asking, if you think it is fair.

The amount that a title company can charge for title insurance is fairly regulated, so you're probably getting a market rate for the policy. 

If you don't feel comfortable sharing detailed information on the public forum feel free to PM me and I would be happy to help you arrive at a fair market value for this property.