16 unit apartment, good deal?

[Johnny Horner]

Looking at a deal and need advice since only experience has been residential investing of single family. Here is the info I have for 2016. This is a 16 unit apartment complex that are all 2/1 units. Income 123,440 Expenses Cleaning and maintenance 12385 Insurance 3150 Management fee. 5050 Mortgage interest. 30071 Repairs. 5240 Security deposit refund. 550 Supply's. 2333 Taxes. 14643 Utilities. 19853 Total expenses. 93496 Overall total. 29943 The asking price is 1,200,000. Very low vacancy rate in area. Any advice would be appreciated. Also any creative way to do commercial financing considering I only have around 100,000. Thanks

[Account Closed]

You will need at least $250,000 not including closing costs at that asking price. That's the truth. And with those numbers, I would not offer more than $800,000.