25 unit Multifamily Chattanooga

[Jacob A Clark]

Currently in the process of underwriting and finding equity partners for a deal our team sourced in Chattanooga. It's 25 units, off-market (we are direct to seller on it) and is a value add opportunity. Class B-/C+ property, currently being self managed and has been difficult to obtain financials. Currently assuming an expense ratio of 40%. Owners are open to seller finance a small portion ($300k) of the equity. Anyone have any tips on how to assume / run expenses when there is no formal rent roll / P&L statements? Price point is under $2.5million.