I am trying to analyze properties correctly, want to ask you, how much would you pay for the following property.4 units, each unit 3 BR gets $2,000/mo rent, so $8,000/month $96,000/yearTaxes $12,000/yeartenant pays own electricnot sure how much water or insurance is

This is your chance to renegotiate based on inspection findings. 2 week before closing : schedule final utility readings, title search should be performed, and you should get homeowners insurance squared away. 1 week before closing - financing commitment if you’re getting a loan or mortgage. 24 hours before closing do a final walkthrough of the property. 

DwelleVacancy rate as per the seller: 0% since 2007 when he bought it until last week [1 of 2 tenant moved out last week].Capex: 10%Electricity: Each tenant pays for their own.Water and sewer: $20/moHOA: NoneMonthly insurance: $100/moPMI: 0Property Taxes: $3374.17Property Mgmt fees: 0 [None used]

(After saving for capex, repairs, taxes, insurance, mortgage, etc). 

Does NOI calculation seem right for the area (i.e. is $7,500 for taxes + insurance realistic?

Plus the 1.75 for mpi insurance.

Your DTI should be able to support all of your personal liabilities (credit cards, loans, auto loans, leases etc.) as well as taxes, insurance, association fee, and the mortgage payment on all your properties.If your income can support this and you guys get past the preapproved part at the bank, you're good to go.

Using your numbers and refinance you show you are making $22 a month but in reality you are losing money. out of 4 months you receive $975 and your expenses are $720*4=$2880 plus $200 insurance and $400 taxes. 

My dad used to prefer renting stores to people needing offices because it's cleaner and insurance cheaper.

Talk to a local insurance agentTaxes look very low.