Is there anything I seem to be missing?

@Marcus Johnson I'm afraid you missed my point.

What am I missing?

Rentometer is usually hit-and-miss when it comes to estimating monthly income, but it says that the closest rental property to yours that it knows about rents for $1,200/month. 

Please let me know if there is any information that I missed that you would need to know.

If not, I’m not entirely sure how you could miss that..

I think one thing missing here is you still need good cashflow to sustain the investment. 

What am I missing?

Hey Jaycinta,for me as it stands unless something is missing this deal wouldn't pass my tests. a few reasons. i personally am looking for 10% cash on cash minimum. i'm also looking for some sort of value add, either the purchase price could be great, or some units would need work to increase value or rents would have to be low and you could increase them. from what you've presented it doesn't seem to have any of these abilities. a few other things to point out, very rarely would a new to you place really need zero dollars of work. think paint or carpets, or landscaping or anything like that even if a large rehab doesn't need to take place. additionally i think if you shop around you could do better than 5% for your mortgage. 

Don't miss out on this great deal, 2br apt listed as a 1br (2nd bedroom is small).