Apartment building Investing

[Ray Pryer]

Good afternoon everyone I’m about to purchase this 8 unit apartment building and I wanted to run the numbers by someone with some experience or advice before doing so, so here it is:

I was initially looking to value add but I think stabilizing may be the better option here

Purchase price: 70,000

Est rehab: 50,000

ARV: 200k+

Cap rate: 6.17

Current rent: 350

Rent after reno: 525

Neighborhood: C

Current NOI: $4,320

After repair NOI (approx.): $21,100

Currrent vacancy rate: 62.5%

Estimated repair vacancy rate: 90%

Will be buying with hard money and refinancing.

I hope this is enough information, please let me know if you need any more information from me ! All responses will be greatly appreciated! Thanks BP family!