My First Deal - 8 Unit Analysis Help

[Alex Nickla]

Hey everyone! First post here as a pro member!

My name is Alex Nickla and I am the Team Leader a Group here in Northwest Indiana, just outside of Chicago. I am 24 and lead a team of 4 agents who do about $20 million a year in sales, and I am at a point where I am ready to purchase my own properties and start my portfolio. 

I need some help and opinions on a deal here in my market. It's an 8-unit, amazing location, below market rents, solid building, right in my market. These deals are basically impossible to find in my market. I live in Crown Point, IN and my office is right in downtown. I would love some feedback on what anyone thinks about this deal.

A friend of mine is representing the seller and told me that $615,000 would get the deal done. They're asking $650,000. Market rents for buildings like this are $925-1050 for 2 bed/1 baths. My goal, would be to rehab each unit 1 by 1 over time and get the rents up. Our market has been growing very quickly as suburb of Chicago. Our city doesn't like multi-family, so these deals are hard to come by being so close to our downtown. 

The broker shared this document with me which does a good job explaining the details.

Here is the problem I have. I wouldn't be comfortable at this particular time purchasing the building alone, with $150,000 down plus some rehab costs (foyer, flooring, counters, small cosmetics). But I think the deal has me emotional to find people to parter with because it is so rare to find. By the time I'm done analyzing this, it'll probably already be gone. I am stuck between purchasing 1-4 unit properties (my goal is three this year) that I can by myself or with 1 of my mentors (who has agreed to partner with me) and BRRRR, or syndicating this deal with 3-5 guys.

My long term goal is just buy and hold properties, and I have no intention of stopping. In our market, home value have increased substantially and will continue to do so with so many people moving out of Illinois into NWI. So buying in my market is a good idea. Great schools districts, proximity to Chicago, taxes, low crime, etc. So I just don't know if it makes sense to put this deal together with others, or start with less units and less invested to gain knowledge and experience. 

Any advice on this would be amazing. I appreciate the input and help! 

Thanks,

Also, feel free to contact me if you'd like. I will gladly share my info.