how much is a realistic down payment

[Josh Key]

hey all!

So we were originally budgeting for around 100k and have saved 22k for a down payment.

last night my fiance and i found a 4 plex listed for 233k.  They originally listed the building for 225k on 9/15.  On 12/15 they raised it to 233k.  The current owner has revonvated all 4 units HVAC's, a 3 year old roof, and remodeled some 3 of the 4 units.

The location is 2 miles from a main interstate, blocks away from the local mall, restaurants, and several large factory employers.

The property appears to be well taken care of.  So last night we used the buy and hold calculator and with 20% down i need 45k down payment.  The property will cash flow $499 a month assuming 3.9% loan at 1 point, 120 month management fees (doing it ourselves) 5% cap ex, 10% maintenance.  2% property value increase and 3% cost and rent increases.

So at first glance it looks like a solid investment.  But, my questions is,  should i really expect to come up with 45k down payment?  Or is it possible to get a conventional mortgage at somewhere around 10%.  If i need to raise the other half of the down payment we are considering selling equity partnerships to some family members.  We still want to look up the legal ramifications for that as well.

Any thoughts or opinions would be grateful. Thanks