5 Unit Opportunity Deal or Not BRRRR

[Garreton Smith]

Hi BP Fam, 

I have a 5 unit BRRRR deal I'm looking into, would love your feedback on if this is a good deal or not.

Background: 5 units all 2 bedrooms 1 bathroom units. 3 are occupied renting at $850. Two are vacant. All apartments are in major need of rehab.

Deal City- Albany, NY 

Cap rate- 7-8%

Numbers- 

Purchase Price- 271,000 

Rehab- 110,000 

Utilities- Tenants pay electric and heat (Separate meters) 

ARV Rent- $1300-1500 (Annual 78,000/90,000)

Expenses Total (City/ School taxes, garbage, water, Insurance) - Annual $18,650

Mortgage Estimate- $2500 (Annual $30,000)

Assuming a mortgage of $480,000

I plan to get the value of the building to be at 600,000 then pull 80% cash-out refi. Is this even possible?

Please provide any feedback, all words are welcomed here.