Does this property have potential?

[Jimmy C]

M first time posting. I've lurked for a couple of days and would like for you to see if someone could analyze this deal for me. It's located in Florida

I'm looking into a quadraplex setup as 2/1 for each of the four units with 8 rooms total. It's within a mile of a state university and in very close proximities to a community college and another university. The asking price is $185,000. I am assuming rent will be about $325 per room because I'm familiar with that area from living there during my college years, therefore I've estimated that rent will be about $2600. If I apply the 2% rule, based on the rent I would need to purchase the property for $130,000 for it to be a deal worth looking at.

If I put in an offer of $130,000 I don't know how likely it is to be accepted. Is there a way to turn this into a profitable investment even if I do not get it for that price? Thanks

[Uwe S.]

Short review Jimmy:
- If you have all money cash, then is $130k okay with a 10% CAP Rate.
- If you need financing, then you can offer also $130k but with min $30k down, you need for financing always a CAP rate of 13% or higher for good cash flow.

-Uwe