Multifamily 12unit Deal or No Deal

[Stormy Case]

Looking at a small multifamily property in a small town and would like some help in evaluating the numbers for this property.

$800K for 12 units.  Taxes are $14k. Insurance $4000 (estimate??).  Expense calculated at 10%/unit per month.   Proforma says 10% Cap rate.  Looking to put 10% down and getting financing for 90% (80% conventional and 10%private/hard).  Steady tenant occupancy.  Recently remodeled so not much room for upgrades.  Rent ave $725.    It appears to cash flow at these numbers but feel like I'm missing something.  Please give some insight.  Thanks.

[Danielle Jackson]

Before diving into numbers, the "small town" always makes me a bit weary. When you say small town, are there multiple smaller businesses to support the demand for a 12 unit building? If it's one major business/plant that is driving the rental demand I might really dive into that business. I've heard some really tough stories for landlords during COVID trying to backfill units when there was no demand bc the one major business/plant was closed. Just my two cents.