Need help analyzing an 8 unit apartment building I have an accepted offer

[Joe Doucette]

I’ve been investing for 12 yrs with single family homes. This would be my first multi unit purchase. I can’t tell if it’s a good deal or not. 
700k purchase. 6.5% cap rate. Needs 200k in upgrades and Reno. Current NOI is -$139, proforma about $3750/month NOI.
What is proforma value? Will I get stuck with my money in this deal? Will it put me in a stall while I’m trying to grow portfolio fast? 
My returns on single family homes is 30%+ using BRRR method.
Open to all advice. I just can’t tell how this deal compares to what’s “typical” in this commercial world. Thanks!