How to "Do the numbers" on an apartment building as an investment? [NE]

This is a dumb question that other people Im sure want to know the answer to as well. I'm in the VERY ground level phase of learning about commercial real estate. Figure if I'm trying to learn about it, it's going to collapse around here soon...

I found a listing for an apartment building that makes me want to learn how to "do the numbers" to see if it's a good deal or not.

Located in small town NE, about 30 miles from a big population center. One of those "cute" small towns that are beginning to see some life again.

They are asking 168K. County assesses at 121.5K...there was a big drop from 1 year to the next. Built in 1880. On main street. Flat roof looks well maintained based on google maps. No comps.

Commercial on the bottom (not rented) - 1600 Sq/ft. Said he can get $650 out of it. I'm skeptical honestly. I would use it for my business and pay rent to myself.

1 bed/1 bath apartment (rented, $420)

2 bed/1 bath (rented, $700)

2 bed/1 bath apartment (rented, $800)

Taxes are 3000 / year. No outstanding tax payments due.

So about $2570 in gross income.

Now what lol? I assume there are fancy spreadsheets that subtract taxes, insurance, maintenance , etc?

submitted by /u/Reason_He_Wins_Again
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source https://www.reddit.com/r/RealEstate/comments/17ra1gr/how_to_do_the_numbers_on_an_apartment_building_as/