10 unit - Easy no money down deal?

[Craig L.]

10 unit building in a decent part of town. Gross annual rents are $52,000 (tenants pay utilities). Asking price is $170,000. No, that isn't a typo. Cap rate is 31%.

I doubt this one will last long on the market. I don't have enough capital to put 10% down, but I am thinking of offering $180,000 if the seller will carry back a 2nd mortgage at $18,000. I have seen multiple places online offering 90% LTV commercial financing with subordinate financing OK.

10% seller @ 7%
90% mortgage @ 7%
Estimated monthly payments of $1200 P+I.
Expenses estimated at 40% gross = $1720
Gross monthly rents = $4300

4300 - 1200 - 1720 = $1380/mo. = $138/unit/mo. cashflow

Am I crazy or does this sound completely doable? Would I be crazy not to put in an offer sight unseen ASAP?