Deal Analysis help! 100-unit

[Jonathan Johnson]

Hello BP,

Often in my search for good deals, I get excited and can't think logically especially when I find something that is out of my usual criteria.

I think I've found a good deal though.

My wife and I were looking at a new city to move to and I jumped on Loopnet to look around. There's two apartment buildings for sale together for $2,500,000 that total 101 units. I called their number on their website to ask the size of the apartments and they are about what they rent for:

2br (26) $750 The lady said there was only one available facing the river that was $800 and the price reflected that, so I'm guessing they average around $750 between river and non river 2br.
1br (64) $650 
Efficiency (10) $500? There weren't any available so I didn't ask the price.

The pictures online show just a little cosmetic improvements needed like turquoise tile in the hallways. Other than that the appliances and rooms look good. We are going to try to go see a few apartments this week.

Some rough math for initial calculations (please correct me where I'm off):

I'm away from my BP calc, is this a good deal worth looking into?

The area is B+ and the tenants would be in the area where the good jobs are. It's by the river where there's a hiking trail, prime location really.

Another thing I'll have to figure out is financing, is it impossible for me to find 100% financing for something like this? I'll probably have to learn more about how to do hard money loans.