7-Plex in Caldwell, ID- Deal analysis?

[Adam Fleck]

Hey all!  Trying to run these numbers on a property that was brought to me by my PM company.  It's located in Caldwell, Idaho just blocks from the University of Idaho campus and downtown Caldwell.  

Purchase Price: $525k

Rehab estimate: $42k total ($6k per unit, all cosmetic)

Current NOI: $3550/mo

Rents are currently 27% under market.

Projected rents: $4,850/mo

Operating expense ratio 25.2%

Cap Rate at Purchase 8.3%

Looks like a solid deal to me!  I'm currently seeking equity partners though, so the deal may fall through.  Let me know if you want any more information.