Irrespective of your pro-forma cash flows, what do the comps say about the market value of your property and how does that compare to your purchase price?

Is this pro forma info from the sellers?

@Douglas B.The seller provided pro forma is not useless.

I tried to be conservative.Purchase Price: $45,000.00Purchase Closing Costs: $3,000.00Estimated Repair Costs: $5,000.00Total Cost of Project: $53,000.00After Repair Value $50,000.00Down Payment: $9,000.00 Loan Amount: $36,000.00 Amortized Over: 30 years Loan Interest Rate: 5.00% Monthly P&I:$193.26Rent $700.00 Total Income $700.00 Vacancy $70.00CapEx $70.00Property Taxes $51.08  Repairs  $70.00P&I 193.26Total expenses $454.34 Monthly Income: $700.00Monthly Expenses: $454.34 Monthly Cash Flow: $245.66 Pro Forma Cap Rate: 9.94% Purchase Cap Rate 11.70% NOI $5,267.00Total Cash Needed $17,000.00Cash on Cash ROI 17.34%   

We hope our combined skills can form a pretty awesome real estate team.Right now we're looking for our first home purchase ever.

I offer based on current income, not pro forma.  

Focus on getting free cash-flow, that way when you're doing pro-formas you can take into account things like depreciation, etc. when looking for after-tax income production.

Even if you're in my shoes and don't have a portfolio of properties yet, I'd love to connect and start to form a local group of like-minded young investors.

Besides contacting brokers and asking for this info (which you should definitely do), a quick check on LoopNet.com will show you multifamily properties listed in the area (along with their cap rates).Also keep in mind, they can list any cap rate they want & it's usually based on pro-formas.

Lenders can only use the data to help you qualify if its real, not pro forma.