You'd have to get a wholesale deal and then some to make that work with those assumptions...  

Practice running the numbers to see if a property really cashflows (challenge every assumption you're making)5.

@David Zheng You know that's kind of impossible to answer really depending on condition, rental rates, etc...but I'll play, my assumption is the condo building would be worth more because it is more likely owner occupied and have a HOA and what not.

If you pay $12 Million for the property then your return is lower and you risk is higher.You make an assumption that no one has ever overpaid for a property or gotten a great deal on a property.

Lots of threads are started by affiliates and this really looked like the same drawing assumptions......geeez, public forums!

I disagree with your underlying assumptions.

Assumptions $8,106.00 Take Home Pay Income http://www.taxformcalculator.com/tax/150000.html ($2,611.60) Student Loan 230k, 10 yr amort, 6.5% ($150.00) Minimum Monthly CC Payment I have no idea how to calculate this, so I put this number in ($648.36) Principal & Interest 140k, 30 yr amort, 3.75% ($187.50) Taxes & Insurance 1.5% of 150k house ($179.69) Car payment 10k, 5 yr amort, 3% $4,328.85 Total After Leverage   ($2,828.85) Monthly Spending Even after $1k groceries, $200 gas, $200 cable+phone?

I respectfully disagree with some of your assumptions.

There will be closing costs, third-party inspections, loan assumption costs that'll be between $100K and $200K.  

What kind of documentation is needed to show that loan assumption?