Good cash deal? - Multifamily Analysis

[Jerry Zhang]

Hi, I came across an interesting multifamily deal for all cash.

It's a 11 unit multifamily apartment in new Mexico. Current NOI is $37,000 with 9 out of 11 units rented. Proforma NOI is $64,000. Seller looking for $500k cash for this deal at 45k per door. Very light repairs needed and turnkey property. Cash on cash returns of 33.74%, buying at a 7.42% cap rate, Proforma cap rate is 12.82%. Goal is to wholesale this one.

I'm familiar with analyzing deals with seller financing where a good deal would be 3-5x ROIC, but I'm not as familiar with analyzing for cash deals, could I get some feedback for this one? Thank You