Evaluate this deal. Brrrr

[Carree Todd]

Hi BP,

I have an opportunity to purchase a 16 unit building. Only 2 units are currently rented ($450/month). There is an absentee owner whom inherited the property and has let it fall into disrepair.

I am looking to brrrr this property, but this will be my 1st large multifamily (over 4+ unit). I'm trying to calculate the AVR/Cap Rate. The purchase price is $90k, with an estimated $60k in repairs. The market rents in the area are $500 - $600. If I purchase this property and complete repairs, have it fully rented how do I estimate what my refinance value is? Thanks in advance!