First 6 Unit

[Adam Berlinberg]

Looking at a 6 unit rental as my first multi-family. HCOL city using 30 year commercial loan fixed at 6.5%. Total cost $1.15 million with 25% down. All units currently occupied and is in a trendy part of town in which occupancy hasn't been an issue. Current collected rent is at $86,000, and is under market. Getting up to market will bring it around $93,000. Owner responsible for water and trash. Taxes are $5500 on current value, and insurance around $2400 for the year. Big ticket items including roof updated within past few years. I'm getting it around a 7% cap and 7% COC. Seems like a pretty good deal? Am I missing something? Will probably go into it with a partner as I just tied up a bunch of cash on a syndication and am stretching a bit.