Can I buy this building?

[Frank Lockett]

Ok, So I have been a landlord since 2001, I was up to 4 properties in 2007.  Hit in 09 by the market crash, took me down to 2.  That being said, I closed this past November on a duplex 157k, in the process of remodeling the basement apartment now. I am house hacking this one.  I work fulltime and have some savings still in the bank.  Not enough to purchase a building, BUT I want to try. 

My goal is to purchase for cash flow, and also  improve the quality of the building and later on other buildings within this city in order to help move the city forward.  

So here are the numbers:

8 Unit building I would rate it a high D low C

A lot of deferred maintenance 

2 bed/ 1 bath per unit

asking 850K (down from 899k as of this week)

Tax: 19,296

water: 2,640

Insurance:  3684

Sewer: 3,996

Cap: 7.20

NOI: 61,284

Exp:  29,616

Income: 90,900

Estimated Debt service: 4,045/month (48,696/year)

Cost per unit:  106,250

I am thinking about 86k per unit based of the area.  

Also I would self manage for the 1st year. 

So, I believe the numbers range more like a 9-10% Cap.  Current rents are about on point to what the area is getting for this level of housing.  I do see room for value add with doing some repairs and increasing rents 3-5% as the tenants leases expire.   There are two nicer apartments  I have not seen any leases, everything here is from the P&L.  Well there is def some cap ex issues here.

So, any ideas on how I can obtain this property, with my good credit score, no cash down, little reserve and no family with money? Is this property (A) a bad move, (B) to risky for private lenders?

All thoughts are welcome.

Thank you, in advance!