Please make sure I got the numbers right.

[Steven Sather]

I posted another question and they suggested that I are run the numbers, as this is the first property I am feeling my lack of experience.  So by way of background, this is in Colorado Springs meaning there are very few multifamilies properties on the market so it's very hard to find a deal and cap rates are lower then I would like.  But here we go.  

Property is 475,000

I have no down used a VA loan

Interest due to a mix of buying down and some concessions is 3.5.

Rent is currently 850/mo and it is separately metered.  

What threw me is after inspection we are looking at 50k in improvements to electric and parking.  But rents should go up to 900-1000 once completed.  

This property is in a good area that is one of the few lower cost options in the area so vacancy I don't think will be too challenging.  I apologize for asking for help with my homework but for me, it seems right on the edge I am hoping/fearing I am missing something.