There has to be value drivers to blend the cap rate up at an accelerated pace on then regular yearly increases to justify the starting lower cap rate purchase compared to debt rates.These are family offices who own lot's of multifamily over a billion dollars worth.

Cash-on-cash is your only metric here that may matter, and it's simply for comparing properties side-by-side and asking what the best use of your limited dollars is...Anyway,Your closing costs will be closer to 2% of the purchase price: $5,800 (unless the seller is covering this...if so, good job)Repair cost of $1,000 won't do anything...contractor fees will eat 50% of that...if you are renovating, you need to renovate to drive rents...$4k per unit will maybe do paint and carpet...a few fixtures. 

They could be "Copy of drivers license" or they could be "Borrower to provide 4 gallons of milk from a virgin goat".

Because of local economic drivers. 

Maybe a photo of the drivers lisence?

Interesting combination you have here - driver and investor.

My mother lived until the age of 96 and never had a driver's license.

Also, if bad windows result in high heating bills, it will affect your tenants and impact your ability to retain tenants and drive rents higher.   

Figure out the GOI, estimate an expense ratio using what you know about operations, and throw a cap rate on the NOI based of the multiple of intangibles that drive rates in your area. 

To make it short by the end of it he psychially assaulted me and stood in front of my driver door not letting me leave until I gave him the title to my NEW car and keys to my old one.