NEED HELP ANALYZING APARTMENT PURCHASE

[Jason Green]

Ok guys here is the rundown.

(2) buildings of 12 units are built. 6 over 6 plan about 900 sf each unit. 2br 1ba all units are identical. Of the 24 units that are built 8 need carpet and cleanup to be move in ready.

The plans call for 192 total units on site plan.

12 of the available to rent are currently leased at $550/mo.

Includes 17 acres of commercial property worth about 10k an acre. Also includes 200 partially finished storage units.

This is a bank owned property that has been in the portfolio for about 2 years. Original asking price was 1.675 million. They dropped the price today to 1.1 mil. They are very motivated and we are thinking of an offer around 900k and we are confident they will take it. I am in the apartment construction business so building it out is no problem. I have never owned apartments and I need help with the costs associated with it other than the debt service. The deal will almost cash flow without building anymore units. I think it is a goldmine but my partner is very calculated and will want hard numbers. So any help or advice with what costs to figure when calculating whether it will cash flow will be very helpful.