Deal Analysis in Essex County, NJ

[Vinh Lam]

Hi Bigger Pockets community, 

I'm looking for advice from investors on a apartment building. Hope to get some feedback to see if this is a good deal and input. thanks in advance

Please see the numbers below.
6 Unit Property in Newark

all 3 bedroom units

current monthly rent= $6,900 (below market rent- market rent is $1500 for 3 bedroom)

basement unit monthly rent- $680 (1 bedroom basement unit but is illegal in NJ so not sure to include in analysis)

Gross income- $82,800

Basement income- $8,160

Expenses: (yearly)

Tax: $14,040

Insurance: $3,900

Water: $6,700

Electricity: $900

Maintenance: $5,500

Cap Rate listed- 7.59%

Asking $790,000

Thanks for your input.