Review My Deal Please - Critique's Welcome

[Mark Patino]

Hey BP! I found a 19 unit (multiple houses, mobiles, and duplex's on some land) that is for sale. I'm hoping to just get my numbers double checked and to see if it would be worth moving forward on this deal. Any critiques on what I may have missed is much appreciated. 

Income:

Total Gross - $112,440

10% Vacancy - $11,244

Total Net - $101,196

Expenses:

Total Expenses - $34,976 (seems low to me...and there is some updating that needs to be done with the property. Everything is working, but the units look a bit dated.

Net Operating Income - $66,220

Annual Debt Service - $39,551

Summary:

Total Gross Income - $101,196

Total Annual Operating Expenses - $34,976

Total Annual Debt Service - $39,551

Cash Flows - $26,669

DCR - 1.67

Acq Cost (Down Pmt + Closing) $124,950

Cap Rate - 12.6%

COC Return - 21.3%

Since these houses/mobile homes/ duplexes are all on different tax ID's the banks are telling me that each parcel is a separate loan. Is there any way around that?

Let me know what your thoughts are!

Best,

Mark