[Calc Review] Help me analyze this deal

[Brianne Leichliter]

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Need some feedback on this one. I'm making a couple assumptions here.

I don't normally deal with commercial mortgages, but this one is a 5 unit. The rates I'm getting from my broker are 4.375%-4.5% for a 5/1 ARM.

I factored in the property management at 10%, but I'm planning on self managing.  The down payment would be financed by a private investor. 

Initial thoughts?  Does this look like a good deal at first glance?  I know terms of the private loan for the down payment could change this significantly, but hypothetically, if I had the cash, would this appear to be a good deal?  What should I change?

Note about the property - there is still room to raise rents.  2 of the 5 units have not been renovated.  It's not something I would do immediately as it is 100% occupied.