Being 3 units, the valuation will come from comps not from cap rate/ income based approach.

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.

I have experience in single family fix and flip, 1-4 family rentals, small apartments (10-30 unit), 100+ unit apartments, development, commercial retail, industrial and office.

It's all in how conservative you are in your approach to underwriting your deals.Even when a Seller says they've improved the property, the tenants are still tenants and do damage to brand new improved units. 

Investment Info:Large multi-family (5+ units) buy & hold investment.

@Arlinda RexhoWhen considering a 32-64 unit multifamily property in Texas, focus on strong locations with population growth, proximity to amenities, and low crime rates.

My top locations for luxury Oregon Coast Real Estate Investment, estates and ranches are: - Brookings, Gold Beach and Bandon - One of the few stretches beyond Big Sur that you can actually drive along the Pacific Coast Highway at altitude.

Quote from @Kaushik Sarkar: Hi,I am looking to invest first time with a turnkey developer,  who is buying the land and building a multi unit commercial retail center and some apartments.

Meanwhile, I have 10 units management experience. 

That is cheap to install 2 units in my opinion.