I would like a professional opinion if this is a good deal and would 100% financing be possible for this deal.

[William M.]

The property is a 20 unit apartment complex located in Atlanta GA. The asking price is 470,000. The repairs is 398000. The as is value is 842,000 the ARV is 930,000 on a cost basis and 914,000 on an income producing basis. The NOI taking in account for a 10% vacancy is 77,000. Permits in place. Is this a good deal or not? If it is would it be possible to receive 100% financing for this deal.

[Jon Holdman]

Purchase price: $470K

Rehab: $398K

As is value: $842K

ARV: $914-930K

Sorry but at least one of those numbers is wrong. My candidate would be the as is value. And if the other three are correct you're paying full retail for the property. If you're going to do that you would be better of buying a building in good condition and mostly occupied.

This is a serious turn around play. You need not only the cash to buy and fix the deal but also all the associated costs and enough cash to hang on until you get the repairs done and the property filled.