7 unit off market opportunity, advice/input highly appreciated
I'm looking at a 7 unit in Texas, asking 470k. NOI $41k Cap rate 8.8%. Monthly cash flow estimated about $1k. 470 seems high to me, 430 would be where I'm looking at entry, maybe 440 no higher. Numbers run off current rent roll (4950) taxes (5200 annual) insurance (3k annual) with 5% vac 10% management and 3k annual maintenance. The property is rural, about 30 min outside San Antonio. This would be my first out of state investment if I find a partner for capital. Do these numbers look good? Or am I missing something major in my calculations?
any input/comments/advice is greatly appreciated! Thanks BP fam