Make an Offer on a Multi-Family Deal Without NOI?

[Neil G.]

I'm looking at an off-market eight unit condo building, but the seller isn't providing NOI, so I don't know the current CAP rate. They've offered a rent roll, but that's just showing the current roll (which shows 3/8 units vacant). The seller won't release the P&L until we're under contract.

When I plug in an estimated 7% for vacancy/concessions, the deal rocks, but I'm concerned that the current NOI (with high vacancy history) doesn't justify the price of the deal.

In this type of situation is it reasonable to make an offer and then get the official numbers later, or is it a red flag that indicates the deal should be avoided?