Underwriting an 8-Unit. How does it look?

[Chris F.]

Looking at an 8-unit and would love your feedback on where I may be over/under conservative. I have the inplace that the seller "shows" and then my assumptions for the current year. All units expect the last one are occupied and on a year lease. The last unit was the owners unit so I am making an assumption there current to market.

Project is in California.

Here is the link

[Chris F.]

Originally posted by @Bjorn Ahlblad:

@Chris F. You can move the numbers any which way; but at that asking price it won't make much difference. Looks like you are banking entirely on market appreciation, since it is in Ca? All the best!

 Agreed. No bueno.