Dud or Deal #1 (Cost/Profit Analysis)

I'm still within the research and development stage of the Buy&Hold business but I've come across a a listing within the near town of Petersburg, VA. It has just hit the market at $175 for a 4 unit multi-family that's already fully occupied. The owner is claiming a current cap rate of 13% with an NOI of $22,750 per year. Now I'm not sure if the owner included capital expenditures and vacancy expenses, but overall it looks like something worth looking at. From the pictures, the property looks like it's in decent condition, but a good pro-inspection should let you know if there are any major hidden problems.

Here's the link to the loop net

http://www.loopnet.com/Listing/20257249/630-634-Ha...

I love crunching numbers and finding deals as practice for now, and this seemed like a possible great opportunity from the outside looking in. I'm just looking to tighten up on my process of analyzing deals

#DudorDeal