Check my work

[Tyler Kesling]

One week into my journey and I'm starting to analyze deals. I found 80 units / $5M / 95% occupancy / 6.11% cap (claim) / $305K NOI / also included in the listing is comps stating we can get an extra $200+/ month. I found an ad for the complex for vacant units at $875. My calculations say that this complex should be getting closer to $400K NOI at 95% creating a property value of $6.5m.

I buy the property with a DSCR loan at 7% for 30years for an annual payment of $300K. 20% down is $1M from investors.

Increase rent (value add) over then next year to $1150/m creating a new NOI of $524K. This allows me to pay investors around 22% return ($524K-$300K=$224K).

After "x" number of months/years I sell/refi the property at a new value of $8.576m ($524 NOI / .0611 cap). Pay back the investors their $1m and bank $3.5m.

Just the basics but what did I miss?