Which Calculator do I use?

[Angela Lyons]

I'm looking at a property with 6 rental units, however, there are another 4 possible units to be created in the building. I used the BRRRR calculator, but I'm still not sure how to fully evaluate the deal. Ideally, I'd like to purchase the property, rent the other units while rehabbing the (4) new units. Then, refinance 65% of new appraisal once the rehab is complete.

List price is 2.95M

As-Is Monthly Income (6 units and 12 on-site parking spaces) = approx. $12,600 ($151,200/yr)

Before refi, Operating Expenses: $18, 301

Rehab estimate (ballparking): $225-$275k

3-4 months of rehab

After Rehab Monthly Income (10 units & 12 parking spaces)= approx. $21,600 ($259,200/yr)

After refi, Operating Expenses: $21,375

ARV: $2.225M

Would the make sense if I offer up to $1.6M?

Of course, I realize how much less it is than asking price, but you never know, right? I've kept all estimates on the high end. 

Do my numbers make sense?