Additionally, maintenance/cap ex expenses are high due to age.

The property is classified as a B/C type of property, with the intention to implement a value-add strategy and it's going at a 6.5% cap rate. 

Hi Brittane,Most rental programs will cap at 80% LTV, but with hard money usually it can go up to 90% of purchase price.

Look at doing a cash out refi or just sell it for some higher cap rate properties.

@Jeremy TaggartYou seem knowledgeable about Pittsburgh…I have a buddy who has a couple hundred doors there (single family and small multis) he deployed all his cap a while ago and has done well there.

While cap rates have risen, you are still seeing groups buying in the low to mid 5%s for 70's-90's product.  

View report*This link comes directly from our calculators, based on information input by the member who posted.Don't know the age of the property but due to what you stated the price point I am going to guess it is a bit older. 5% for repairs and cap ex maybe low in that case.

In this case you can do up to (6) residential units and (1) office space...but that is the cap. otherwise 4 units is the most you'll be able to build.

Value the house on it's own with comps and then run the CAP on the park for it's value. 

I would probably put a cap on the size of the tank.