Can anyone make this property work? Deal or no Deal

[Dave S.]

So here are the numbers....

• Property sale price is $11M (50 unit built in 2017, 98% occupied, rents on par with market)
• Rental income totals $860K (rents plus all fees and garage rentals)
• Expenses total $240K
• Able to secure a 75% LTV mortgage at 4.85% (30 yr amortized, 7 year then balloon) coming to $522K
• This leaves $100K for the year. 

Problem is that i don't have $2.75M laying around (yet :-) ) so I will need to obtain it another way.

So Im looking at this and saying that even if i had ~$3M it wouldnt make sense to do this deal as the cash on cash isnt justified. 

Is there a creative strategy that someone can think of that could make this deal work...or even come close????