Am I paying too much?

[Kim H.]

I just signed a contract on my first multi family in the DFW area. Good location, 9 units, $1100 per month rent (actually on the low end for the area, which averages $1250). No vacancies. Sales price is $450k. Have not started due diligence to look at expenses or maintenance issues but will get financials soon. At this point I am just assuming 50% in monthly expenses. Is $49k per unit too high? I've been reading that I should be looking more at $20k to $30k per unit. I have 20 days to back out.