Need Confirmed ROI % on this Multi Family Evaluation

[Tony Blaine]

Does our answers match? What is the ROI on this property?

Details:

We are on a 50/50 split and Investor requires 12% ROI annually as a partner...Does this PENCIL?

This is a 102 unit, C+/B- MF property

1st year: Current Numbers upon Acquisition 

Purchase Price: $6,000,000

Money Partner Funded: $2,148,000 cash by Investor group ( Includes 30% down payment, 1 point & 3% CC of $4,200,000 loan, plus 3% sponsor acquisition fee) Loan will be secured by ME. Making us 50/50 partners.

Income/Expense Analysis

GPI: $836,604

GOI: $828,682

Total Operating Expenses: $468,793 (56.6% of GOI. Includes Reserves @ $250 per) 

NOI: $359,889

Annual Debt Service: $270,558

Cash Flow Before Taxes: $89,331 

2nd Year: After Repositioned and REFI Within 2 years 

GPI: $957,780

GOI: $949,858

Total Expenses: $406,592 (42.8%)

NOI: $543,266

Annual Debt Service: $270,588

Cash Flow before Taxes: $272,708

DCR: 2.008

REFI 80% after 2 years at 6 CAP: Value is now $9,054,433

Sale Cash Out (Pre Tax): $4,854,433

80% REFI proceeds: $7,243,547

REFI Cash Out: $3,043,547 

Total Equity After Paying Back Investor Funds ($2,148,000) Not Including ROI: $895,547 

Total Cash Flow after 2 years: $362,039

We are on a 50/50 split

Question for the great financial minds in this group...What is the "TOTAL" ROI for my investors?

Thank you for all who step up and help out in advance:-)