Negotiating 40 condo package purchase - need help evaluating

[Recia Davis]

I'm going to be looking for an investor for a large condo package (40 units, same complex) and I need help negotiating/analyzing the deal in order to make sure it's profitable and attractive for an investor.  Are these types of deals analyzed by cap rate, appraisal of each individual unit or a combination? What experience do you have with larger package purchases (analyzing/negotiating/financing) that may come in useful?

This is the current, basic information I have:

Location - Phoenix, AZ

Seller is asking $49,000/door

Annual Rent: $414,000 <-- this is in line with market rent rates so not much room to increase without renovation

Annual HOA (includes all utilities): $180,000