Based on the information you provided, it is a 20-units small complex, rent is about $1000/month/unit. Price is $2.4 million. If downpay 25% (0.6 million), the loan is 1.8 million.
Rent = $20,000/month x 12 = $240,000/year
Vacancy= $240,000 x 5% = $12,000 (if assuming 5% vacancy)
utility= $1500/unit/year x 20 units = $30.000 (this cost is too high)
Tax= $3000/month x 12 months = $36,000 (this tax is too high)
insurance = $1000/unit/year x 20 units = $20,000 (this insurance is too high)
repair/maintenance = $100/unit/month x 20 units x 12 months = $24,000 (considering high cost near ocean)
reserve = $50/month x 20 units x 12 months = $12,000
Total costs= $134,000
NOI= $240,000 - $134,000 = $106,000
If taking $1.8 million loan at 6.5% (30-years fixed), mortgage= $11377/month x 12 months = $136,524
Net profit = $106,000 - $136524 = - $30524/year (negative cash flow about $2500/month)
Cap rate = $106,000/ $2,400,000 = 4.4% (too low compared to 6.5% mortgage rate which is your break even point)
To summarize, the utilities/insurance/tax are all too high compared to average multiple families.
