Need advice upgrading Class D to Class C Apartment Complex

[Toben B.]

Short ask - I Need advise on a a massive 100 unit turnaround project.

Long ask -  I bought a small 16 unit complex about 9 months ago and it has been going really well. In fact Im at 100% occupancy and my phone rings off the hook with potential tenants looking for 1 bedroom units. FYI this is a class C building and I have very low turnover.  

There are 100 apartments for sale nearby, however the property is poorly maintained, poorly run, and appears to have extremely high turnover. I would not think twice about it except 1. My phone rings non stop with potential tenants and 2. The price is extremely low and my bank is willing to lend me an extra $150k-$200K for repairs and renovations. If I can buy it, fix the differed maintenance, improve the occupancy, and bring turnover back in line it will be a grand slam home run hit.  However I need to survive the turnaround. 

I have done the same thing on duplexes and a quadplex, but my 16 unit apartment was already in decent shape and fixing up 100 units and surviving the tenant churn until the property is stabilised is daunting. 

Has anyone out there done something similar who I could talk to?

[Matthew Paul]

I think you are underestimating repairs , $200K and 100 units is only 2 grand per unit . That doesnt go very far .