Need some pointers on this deal

[Jesse Ramirez]

I'm in the process of evaluating a 21 unit property that consists of mainly 3/1 and 2/1 bedrooms. They are actually 21 duplex like structures spread across an entire block. Only ten are rented and the properties sit within "walking distance" of a major university. I would like to put this property under contract for a possible wholesale.
Here are the numbers,

Asking price:135K
Repairs needed:60k
Avg. rent per unit:300 as of today, suspect this could go up some

Pro Forma according to seller:

Gross Income (21 Units@$7512/mo) $90,144
Less Vacancy and credit loss 10% $9014
Effective Gross Income: $81,130

Less Expenses
Taxes $5709
Insurance $7557
Maintenance (yard included) $5320
Total Expense: $18,586 (23%)
Net Income: $62,544

[Michael Rossi]

Here's how I see this deal:

Gross rents: $7,512
Operating expenses: $3,756
NOi: $3,756

Debt ($195K, 30 yr, 7%): $1,298

Cash flow: $2,458 or $117 per unit per month, which is very good.

The big question is do you have the money for the rehab and the money to carry the property during that rehab. Also, is there demand to fill up the rentals? If the answer to all those questions is yes, it looks like a good deal to me!

Mike