Help me analyze this deal please - first Multi family deal

[Cherry Patterson]

Hello Everyone,

I have a couple SFH and now looking at moving into Multifamily. I am interested in the multifamily space for the forced value I can put in and the positive aspects of scale in a single location.

I am new to Mutli family analysis but have read some posts, listened to loads of podcasts and so I started to look over loopnet and see what could be some opportunities to analyze and determine investment possibilities.

I would appreciate the advise and review of more seasoned investors on the deal outlined below.

I would naturally request rent rolls, P&L and bank reconciliations, repair records and copy of the leases to validate the data.  

http://www.loopnet.com/lid/19547659

12 units $425k purchase price

10.5% cap rate

Dayton, OH

Washer / Dryer income

Forced Value opportunities I see:

Separate water meters - saves 5300 / year in expenses

Interior renovation and increase rents 10% ($50/month) over next 18 months

What do you think about this? I hear that if you find things on loopnet it is not a good deal since all the seasoned investors have already passed on it while it was off market and now it is up on the market. As a newbie venturing into the multi family waters, it looks like a decent opportunity to me and throws off a good cash flow - like my SFH investments.

I really appreciate, in advance, the advice and help.