My first 8 unit under contract. Bizzare property need advice

[Rob Mudd]

I have my first multifamily under contract (8 units) Here’s the bizzare part it was owned by the Catholic church nuns used to house the Sisters. Needless to say it has been hard to figure out my numbers as it has not been an appartment since 89. I have placed some ghost ads to get an idea of rent for the area and used compareable appartments listed in my area to get ideas of expenses. 

The apartments and building are in structurally great condition. But the units are dated (avacado appliances) I like the fact I can lightly renovate each unit and rent as I go. I can experiment with different reno levels to try and maximize my rent but on the other hand I’m concerned about how long it will take to fully lease the building. 

The good news is the appartment is in a fantastic location. Great trendy neighborhood on a quiet street across from a park. My estimated cap rate is 7.5 and comparables in the community are 4.5-5.

Any comments from investers who have had experience with empty buildings and what I’m up against.

Thanks

Rob

[Greg Scully]

I'd go shop apartments in the area that you think are good comps.  See what finishes/upgrades they used to achieve their rents.