Opinions for this Multifamily reposition deal

[Nicholas Fazio]

Hey guys and gals, this is a example of a deal near me that I would appreciate your opinion on; checking to see if I am on the right track or not-

This Garden Style 1980 built apartment complex is 50u, listed @$1595000

($31,900/u)

Listed NOI 158109

Rents not listed

{Estimated Cap 10}

Listed vacancy: 60%

16u are single, 34 dble beds

Plan

20% down ($319000) or 30% ($478000)

Raise $500k-600k total to allow add’l costs/repair- plan might be to Reno/update< 20 units, landscaping, paint.

For 10% cocr will need to net $32000- 45,000yr, actual 47000-62k per year

With Market rent @$680 (average)and at 90% vacancy for 50u, roughly max GSI $367000

Could Expect 10-19% cocr or >

Strategy- Stabilize/Reposition then Cash out refi

Thanks!