This excludes lighting (inside and out), kitchen, electric blinds, and a larger tile allowance.  

The current owner is shopping it around for 1.35m (7cap) and the proforma numbers are as followed: ANNUALIZED INCOMEActual MarketGross Potential Rent $191,639 Less: Vacancy ($5,749) Effective Gross Income $185,890 Less: Expenses ($91,497) Net Operating Income $94,393 Debt Service ($65,592) Net Cash Flow after Debt Service $28,801 Principal Reduction $17,403Total Return $46,204 ANNUALIZED EXPENSESActual MarketProperty Management Fee $9,582 Replacement Reserves $5,250 Building Insurance $6,712 Maintenance $12,560 Taxes - Real Estate $36,296 (37220 w/o exception)Utility - Electricity $2,453 Utility - Gas $12,369Utility - Water/Sewer $6,275 Total Expenses $91,497 Expenses Per RSF $8.39 Expenses Per Unit $4,357I did some additional digging and found that they offer Wi-Fi for the building (I talked to a rep and said providing service for a building that size should run 285 a month) and the trash was left off which runs about 285/month.

New electric, plumbing, furnace & roof.

The power of real estate investing and leverage.

The box is there the power is there, you may have to get a neutral wire and your done.

The building itself is in great shape, with a new roof, new electrical, new windows, new boiler, and is 100% occupied.Generally most of our real estate purchases are cash so we are not very experienced in finding loans, let alone multifamily or apartment loans.  

We only had to do inside rehab, plumbing, electrical, countertops, flooring and paint and replace the roof on one building and repair the TPO on the flat roof on the apartment building.

My wife and I own Appliance Doctor of Lima, familiar with plumbing, electrical and house construction.

I am currently unemployed and looking to turn my financial situation around, "I have had it" as Jim Rohn would say, the power of those four words.

Cost Assumptions Purchase Price $285,000.00 Closing Costs at 4% $11,400.00 Total Cost $296,400.00 Mortgage at 30yr/5% Interest /20% down $1,223.95 Monthly Expenses Monthly Rent $4,500.00 Electric $250.00 Water $200.00 Trash $100.00 Vacany Rate 8% $360.00 Maintenance 8% $360.00 Property Manager 10% $450.00 Insurance $300.00 Monthly Property Taxes Due $121.97 Cap Ex Reserve 7% $315.00 Total Monthly Expenses $2,456.97 Less Mortgage Payment $1,223.95 Theoretical Cash Flow $819.08 Cap Rate Cash On Cash 8.6 14.37