Expected IRR on smaller MF value add

[Adam M.]

Curious as to what IRR you look for in a value add MF. I spent an hour or so building a model with some guestimates. Kinda curious how far off I would be. With no rehab I estimated the IRR to be 12% and w/ rehab 22%.

Here is the model

https://www.dropbox.com/s/t3x56gkrs2glzgl/905-907-...

Property in question

http://www.loopnet.com/Listing/20414371/905-907-W-...