Multifamily down payment(Attempting to use BRRRR method

[Le’Quan Grayson]

Hello Everyone,

So, I'm thinking about making this 6 unit apartment building my very first property to my portfolio. I've been doing heavy research and due diligence on different financing options. There's a hard money lender I've found in here Cleveland that guarantee low down payment and it's being sold at $60,000. Potential to receive $29,535 NOI based on market rents! Based on a market cap rate of 12% this property would be valued at $246,125! This property consists of four 2 bedroom / 1 bathroom units and two 1 bedroom / 1 bathroom units. Separately metered for gas and electric. Your future tenants will love the location! Property is close to multiple universities, restaurants, grocery stores, and the Cleveland Clinic!

This one will need a little rehab. Our rough rehab estimate is $120K. However, the after rehab pro forma cap rate would be 14.99%.

Any help or insight would be great.