Advice on a property

[Chris Hair]

I hope it's not against the rules to ask questions about a specific property but I'm looking at the following apartment building. It's currently located less than a city block from a major state university. Looks to be in decent condition (referencing pictures only at the moment). It's showing a NOI of $29,608 so the Cap rate should be about 8.4%. Not sure where they're getting 9.65. At first glance, assuming the building/units need only minor repair, would this be considered a good deal?

Price: $350,000 No. Units: 12 Building Size: 11,979 SF Price/Unit: $29,166.67 Property Type: Multifamily Property Sub-type: Garden/Low-Rise Commission Split: 3% Cap Rate: 9.65% Gross Rent Multiplier: 5.74 Occupancy: 90%

[Andrew Kniffin]

Just to confirm: an 8.4% cap rate does NOT equate to an 8.4% rate of return on your investment.  The two are different topics.  I'm sure @Bill Jacobsen knows this, but just wanted to "overcommunicate" that truth, since I've seen it confused before.