@Scott Kelly
Congrats on taking the plunge into the apartment community space. Based on the financials provided and doing some of my own analysis, it looks like a pretty good deal, I would just be a little worried about a 9% cap. The reason I say that is because this usually means the property isn't necessarily in the most desireable location (I could be wrong as market specific), but on the other hand you will be cash flowing from Day 1 depending on what your renovations are looking like. It also helps that you are within driving distance and can check on what's going on. I like the value add play on this deal in regards to the increase rents, LR and RUBS you mentioned to implement.
With very little money to put into the deal, I would recommend trying to raise private capital or do a jv and partner with another investor giving up a portion of the deal. I wouldn't recommend HML for this deal especially with not as much capital because the int rate and points can get costly for this type of short term financing. I would recommend getting a bridge loan where the lender will wrap the renovation into the loan that will save you some money there.
If you need help putting together a financial package with underwriting (example on my website), please let me know as I have helped many investors free of charge. I hope this helps and let me know if I can be of any assistance!!!
