Opex / refinance expectation for Multi-family in Memphis (Trigg)

[Noel Devere-Bennett]

I've placed an offer on a 16-plex multi-family building in Memphis (near Trigg) and was wondering is anyone could give me a reasonable expectation on expenditure costs per year. I plan to fully rehab the building but I'm thinking more along the lines of repairs/maintenance due to damage, etc. I'm an out of state investor and have been told to expect $10-15k for opex per year due to the type of tenants expected for this area and rent price (rent ranging from $400-600/unit).

Additionally, based on those who know this area (just west of Trigg in south Memphis), I have placed on offer on this 16 plex for $155k and plan to put ~$120k into it. Is it reasonable to think a building this size (16 units all 2bed-1bath) could be refinanced for $400k+ in this area?

Any other thoughts/insights for value add and advice are welcome!

Thanks in advance.