To buy or not to buy 100% vacant fully rehabbed property

[Rich Lopes]

Hello BPers, Looking for thoughts on buying a 16-unit multi-family property which was recently fully rehabbed and 100% vacant at this point. The seller's asking price is close to 8% cap based on the Market rents. Cap rate is based on 40% expenses of the gross and 5% vacancy.  Closing condition - seller might be able to fully rent.

Questions:

Is it a deal or no deal and would you buy it? 

Would the bank do conventional financing on an empty property. 

Any other suggestions.