Multi Fam Numbers running questions

[Gabriel Miritello]

Hello,

Looking at a 14 unit with room to expand (potentially 7-14 additional units or 30 storage units or a combo of each). However i have a few questions to make sure my numbers make sense.

I have spoken with a lender and estimating 8% rates. I am working with an insurance company who is putting together an estimate. Taxes are 2.9%. Rent rolls have been provided and are at about 10-20% under market value.

Questions:

When looking at MF - what are your goals? $$ per door, CAP rate, or something else? I am looking for $150 a door after ALL (PITI, vacancy, capex, maint, 10% prop management) expenses. Am I wrong?

What % are you planning for vacancy, capex, maint, prop management when running numbers?

Property needs a few things. Any concerns or ideas on prices?

-asphalt parking/driving(currently dirt with massive pot holes)(awaiting estimate form local company)

-Individual metering (previous hotel, 3 different buildings(2 doors, 7 doors, and 6 doors), all on one meter)

Any advice or things to consider are appreciated.