Apartment building- help w analyzing the opportunity

[Christy Wright]

My husband and I have been property owners for 10 years, but primarily own single-family homes. We typically buy vacant, undervalued homes  where we can create value  buy remodeling the property, we then get it leased out and the bank refinances us . In the end we end up with every single penny of our money back, and no cash out of pocket.

We have the opportunity to buy an 8 unit apartment building that is fully occupied. The structure is fairly sound, however it is quite outdated and the rents are low for the area. We see that the opportunity is in raising the rent after doing some updates to the property. However, where we are stumped is how we can end up in a position with no cash out of pocket. We're not quite certain on how to analyze this deal with that as the end goal in an occupied building. Anyone out there willing to school me on this? :-)