Need some analyzing a deal - First Deals, want to make sure I am thinking correctly

21 Unit Apartment Building

- Location: Syracuse NY

- Asking Price $1.3M

20% down for me (I used a 7% rate)

- NOI & Cap Rate: $167,623, 12.8%

- Built 1978

- 95% occupied

- 15 x 1 bedrooms, 4 x efficiency, 2 x 2 bedrooms

- The seller has offered to still manage it for a buyer as well if interested  He offers this at 10%

- All units have separate electric and gas, water is a flat fee

- New water heaters, newer roof and mechanicals in good condition - No MAJOR Cap Ex,
Value - Add - Could possible drive another 100.00 per door.

- Located close to retail, restaurants and major employers as well as Upstate Medical University, Syracuse University and the US Army Res Center


- Some tenants have been in place for over 35 years without major rent increases

Please note projected is their Pro-forma, not mine