Looking at 1st Deal: Opinions Greatly Appreciated (6 properties)

[Brandon G.]

I've been looking for single and multi-family investments for a while now.  A man in my neighborhood has 6 properties (2 duplexes, 4 single families).  I'll list the details below.  I have my opinions on what I think, however I'd like to reserve that until I get some other feedback.  This is his proforma.  I just received this today and as of yet have not evaluated the actual properties myself.  I have looked at them with Google Maps.  We live in Tennessee near a state line and property 6 is actually across the state line in Kentucky.  All properties are currently rented.

                                   (YEARLY TAXES)  (COUNTY TAXES)  (EST. MKT VALUE)  (RENTS)

Property 1:                       200.00                   504.00                   92,500.00               700

Property 2:                       221.00                  559.00                     92,500.00              615

Property 3: (duplex)         457.00                 1155.00                   125,000.00         575, 575

Property 4:                      471.00                  1190.00                   125,000.00         600, 550

Property 5:                      173.00                   333.00                      59,000                500

Property 6:                      ????                       683.26                      80,000               650

He hasn't given an exact asking price other than stating the est. market value is $574,000.00.  I presume this means we would start negotiating there.

This produces a highest potential monthly income of $4765.00.  I would like to think I could get about $200 a more per month total (all units combined) in rents over a short period, but I don't calculate that into my numbers.  

The quick way I have run the numbers is as follows: 

Max Monthly Income (4765.00) - 50% rule (2382.50) = 2382.50

I would like to be able to cashflow a minimum of $1500 a month, so that would mean I would have to get my mortgage to: 2382-1500 = $882 a month, which seems impossible, so I'm curious what my options are, what others think of the deal, what other information you would like to know to help analyze this deal, and anything else you may want to offer.

If it would be helpful, I can get the assessed property values and post them.  All properties appear nice, clean and tidy, though I have only seen them from the outside.  I have seen other properties he has owned and they have been well kept.

Thank you very much for your time and help,

Brandon