38 Unit Apartment Financing Question

[Rob Lenderman]

I have a 38 unit property in a smaller town that I am looking at.  Need some help coming up with a way to fund the deal.  

Property spec:

Asking $2M

Offering: $1.6M

Current Monthly Gross Rent $19k

Market Adjusted Rent after purchase:  $21.5k

Seller financing 80% @ 5.5%.

Needed cash to close:  $320k + closing costs

Repairs:  $50k

I have a very high credit score, high income($265K) and have $100K in cash. I also own a triplex and a SFR that I rent out. When I adjust for new rent rental rates the property value goes to $1.8M.

My question is what paths do I have to purchase the property and use most of my cash to upgrade a few things?  Upgrades are needed to raise the rents but are minor and will take weeks not months.  The current owner has owned for 30 yrs and needs to sell for health reasons.  Thoughts?

Rob