Do I have a deal??? North Florida 4Plex

[Nick Weldon]

Ive found an off market 4-plex. In a desirable area in Florida, here are the numbers.

purchase price: 450,000

reno: 50,000

Private money lender fee:10% or 50,000

All in: 550,000

ARV: 650,000

Gross Rental projections are: 5400mo or 64,800yr

Estimated cap rate at : 10-8.9%

Here is my delima, after 6 months I plan to refinance to pay back private money, for that to happen in full the property will need to appraise for 700,000+

and I'm almost certain it will not. But it will cash flow great, please give me all advise as I'm at the negotiating table with the owner now, Thank you!