8 Plex Analysis - Thoughts/Suggestions??

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Hey there, I am new to the forums and RE Investing. I have not done a deal yet, but have been researching and analyzing deals for well over 3 years now. Like many of you, I have listened to every BiggerPockets podcast twice over, and read 90% of the books from the recommendations. 

I'd love for any of the BiggerPockets members to take a look at this potential deal I'm considering. It is an 8 plex that needs some rehab. 

Advertised Price	$290,000.00
Advertised Cap Rate	7.40%
Implied NOI	$21,460.00
Units	8
Four - 2 Bed/1 Bath ($575; $650; $620; $615)	$2,460
Four - 1 Bed/1 Bath ($550; $535; $575; $550)	$2,210
2 Bed Units	$2,460
1 Bed Units	$2,210
Vacancy	5%
Total Revenue (Mo.)	$4,436.50
Total Revenue (Ann.)	$53,238.00
Taxes	$8,420.00
Insurance	$3,551.00
Cleaning & Maintenance	$6,835.00
Gas/ Electric Common	$1,416.00
Management Fee (6%)	$3,194.00
Sewer	$3,000.00
Water	$2,800.00
Waste	$1,044.00
Misc. Expenses	$5,850.00
Lawn + Snow Removal	$1,200.00
Total Expenses (Ann.)	$37,310.00
NOI (Ann.) - ACTUAL	$15,928.00
NOI (Mo.) - ACTUAL	$1,327.33
Debt Service Payment	$1,200.00
Cash Flow (Mo.)	$127.23

I found some differences from the actual Schedule E from 2016 & 2017, so the numbers I were given were not quite telling the whole story. The numbers above show a more accurate image of the numbers. The property was built in 1977, and has some deferred maintenance. It has also been on the market for over 3 months now. 

One thing that needs to be done immediately is waterproofing of the basement, which should be around $7,500. I am looking at the property this week to check the inside of the units.

With a face-lift to the outside (paint, repair decks, repair entry door awning, general cosmetics), the basement waterproofing repairs, and any immediate rehab needed to the interiors, I have estimated the following numbers. 

Four - 2 Bed/1 Bath	$750
Four - 1 Bed/1 Bath	$675
Vacancy (5%)	0.95
Basement Storage Units (4)	$65
Garage Stalls (4)	$50
Total Revenue (Mo.)	$5,852.00
Total Revenue (Ann.)	$70,224.00
Total Expenses (50%)	$35,112.00
NOI (Ann.)	$35,112.00
NOI (Mo.)	$2,926.00
Debt Service Payment	$2,000.00
Cash Flow (Mo.)	$926.00
Cash Flow (Yr.)	$11,112.00
Cap Rate	10%
Implied Rennovated Value	$351,120.00
Cap Rate After Renn.	16.33%

I have increased rents, along with added a garage with 4 stalls. The storage units in the basement will simply be small closets with locked doors for each unit. The debt service payment assumes also paying down construction debt, which I will borrow from family. 

Any feedback would be awesome on my numbers/estimates! Please let me know if you feel my numbers are not conservative enough. I plan to hire a management firm after I get the rehab items done. Good or bad idea on first multi-family purchase?

Does this seem like too big of a project for a first time multi-family buyer?

I have secured 85% financing, so I'm looking to offer 10% Seller Finance on $240,000 with $25,000 back at closing for rehab allowance.  All feedback is greatly appreciated!!