[Calc Review] Help me analyze this 7 unit MF in El Paso

[David de Luna]

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*This link comes directly from our calculators, based on information input by the member who posted.

The bain of my existence has been that mobile home on the property. Most commercial lenders run from me when I bring it up. Several are unafraid and offer terms. Without the mobile home I might have gotten closer to 6%. Rate in this analysis is only one of several offered. I do have a 7.99 rate that may turn out better for me, but the fees are higher. It could still be a better deal. I have to look a little closer at it. 

I have a 3 year old appraisal at 275k with EIGHT units on it because the seller had a fully functional, rented detached single-wide on the property that went away between then and now (not clear on the circumstances but it rumor is it's divorce related). The possible upside is that the pad for that single-wide is ready for a replacement. 

Market rents show I could bring rental income up to $4500 from current $4110. All units are currently on 1 year leases expiring variously throughout the year. There's a young guy who I have already had a conversation with who pays only $300 rent (about half price) as he is the property handyman. There's the distinct possibility that since the place is built in 2013 and in good shape that I might be able to cobble together a team to assist in managing, avoiding at least most of the 10% PM costs. I'm in NorCal but I have family in the PM business in El Paso ready to assist if I need (but at 10%).

One thing keeps nagging me is that if I back-stepped to a 4-plex I'll have a way better rate and maybe a better use of my money and cashflow. Of course, I'd have to find it, so...