Best way to evaluate a 4 plex??

[Tyler Kirk]

I am curious as to what everybody uses to evaluate a 4 plex to determine if it's a good deal or not. Should I be using the 1% rule like a SFR or should I evaluate it based off the NOI and Cap rate?

I have seen two ways of using the Cap rate. One by multiplying the purchase price by the Cap rate to determine what income you should be getting. And the other way is to figure out the NOI and then divide that number by the Cap rate. Are these correct?

I am currently looking at a 4 plex right now that I like but I need to figure out how much I could offer. The numbers are 

Asking: $299,000 

Annual gross rent: $29,820

Mort/tax/insur: $22,400/yr

Property management : $1920/yr

Any insight on the subject would be greatly appreciated! Thank you