Simple answer to this question is NO, there aren't many similarities between multifamily and single family calculations
Ask the broker for the last 12 months of profit and loss statements along with the current rent roll. If you can acquire that and block out the property address, you can post on here and we can take a look at it for you.
I suggest you get your hands on a calculator that will help you out with this. I use the Jake and Gino calculator. It has a tutorial that walks you through exactly how to use it, which is foolproof. There are other calculators out there, but this is the only one I use.
I'm not sure what market you're in, but you're looking at a 15 unit for 120k/door. The rental income isn't the important number, it's the net operating income that you're looking for.
Come back and post the numbers here, I'd be happy to take a look as I'm sure others will too.
Hi Melanie based on those numbers you are looking at a 50 year old building with 15 units and average monthly rent of 675 per unit. The asking price of 1.8 is way out of line, and won’t make you happy. The numbers in listings are usually incomplete or wrong, so get financial statements and rent rolls from the owners. In some markets you may need to sign an offer to get those. I do that contingent upon inspection of premises and financials so there is always an out. All the best!
What is the income potential? Current rents are supporting maybe 1.25M PP