Nashville 4-plex

[Josh Rich]

Found a property in Nashville, actually Old Hickory, with good numbers thought I'd run it by my BP friends before I pull the trigger (this is my first buy and hold cash flow property). What do you think?

Appraised Value- $135k
Purchase price- $95k
Rehab- $10k
4, 1bed/1bath units- $500/mo each ($2k/mo rent)
NOI- $16,500/yr before financing
Cap rate- 16%

Wondering if I should pay all cash, season for 6 mo's, risk rates increasing over that timeframe, pay an extra .5% to do a cash out refi to pull out all of my equity (capital)...or, buy with financing now and tie up my $35k as equity left in the deal? What would you do?

Thanks,
Josh