Cash Flowing of 4 plex's between 300k-500k

[John Stockinger]

I've been trying to analyze more properties, focused on 4plexs. Am I doing something wrong or am I correct that it's pretty much impossible to cash flow off the following type 4 plex (this is pretty common in my area)

• 8 rooms 4 baths
• Avg. rents of $800 per month per unit 
• Asking price $390k
• 5% down conventional (or 3.5% FHA)
• 6% interest
• Assuming 10% each for capex, vacancy, maintenance, and management (I will be managing myself but figure I should assume it into the analysis)

Am I making bad assumptions? It's seems crazy to think I'd be able to talk them down 100k-200k. But with the above numbers I have 

Those still don't include interest, taxes, PMI, etc. Mainly because I haven't figured out exactly what values to use on a 4plex. So I definitely need to do more research there.

I do live in a hot market with a lot of reasons to believe rents and values will continue to rise.

Do I need to be looking at this another way? Am I missing something? I'm thinking this just means I need to get creative and learn how to find properties that aren't on the MLS. Any advice is much appreciated :)