What would you offer on this 40 unit

[Serge S.]

I'm looking at an off market 40 unit. It was purchased by an investor at trustee sale and nothing has been done since. Its empty at the moment.

40 units - 1 and 2 bedroom
$400 average rent = $16k gross potential
Factor a high vacancy as the city is overbuilt with multifamily
$200k in renovation ($5k per unit, pool, roof, landscaping)

Owner is open to financing with large down, I can go cash or combo with owner financing or other investors. Multi cap rates are 8%-10% in this area on retail deals.

Would love to hear what kind of offer you guys would make.