Multifamily Analysis - 23 units

[David S.]

Hoping to hear some opinions on this deal to even out my thoughts and assist me in acting rationally and seeing all angles.

23u multifamily property, ~40y old, good condition, well maintained.

1.9m asking price, awaiting comps. Could likely get for 1.7m.

COC return 15%, cap rate 7.5%, with room for rents to rise moderately. Cash flow 5500/month. (all based on 1.7m purchase price)

Cashflow calculated after paying mortgage and paying cost of servicing a LOC for the downpayment. Mgmt costs/R+M/cap costs/vacancy all factored in along with usual other costs.

I was unsure if I should use a LOC for the downpayment, use capital, or blend of both. I feel like the cashflow provides a decent enough buffer for me.

 I asked about vacancy rate history/known issues, list of recent upgrades and planned upgrades and wanted to have initiation of prescribed rental increase for all units prior to sale as condition of sale.

Are there any other key pieces of info I should ask about?

Thank you.