Deal or No Deal on Apartment Rehab

[Julia Maddox]

Hi guys, this is my first time posting. I'm new to investing and I plan on buying and holding asap. I came across an apartment complex for $12,000 for 10 units. I believe I can negotiate the price down.  But rehabbing cost's will be apx. $90,000. Is this worth it for a first time investor? What are ways to finance for rehab costs? Here's the info: (I copied and pasted)

10 units

2bed/1ba

- Full rehab need so be prepared for work but it's has great rental potential

-Section 8 will bring 650 a unit, will bring in 6500 a month and 78,000 a year

-I have a contractor that can completely rehab them for 9k a unit.

- 90,000 in repair, but you will be getting a practically brand new 10 unit apartment for a little over 100k with an annual cash flow of 78,000. Your investment will pay for itself in 2 years