The risk you run with this model though is you would risk being over leveraged since your using 100% debt, and you would need the property to have a high cashflow amount each month to cover Capex, insurance, debt service, and your normal expenses associated with the property (property management included).

Orlando is a tough market, I think it would be very difficult to show any return at all right now with the high rates.

The rate would be in the mid to high 8’s.

Olu,  you need to be careful.  83K per unit seems kind of high for the age of the building.  

I know debt to ratio is a little high, but even when credit cards are paid off we still can't seem to get approved.. 

I would say, you may be able to get lower rates than mid 8s as my lenders are high 7s for a similar scenario but you may be tripping over dimes to save nickels. 

Should I just post it at the high end estimate and adjust it down?

Renovation of fixtures and cosmetics without mechanicals about half that amount.

I am in the pacific northwest and prices here are high compared to some of the investing hotspots around the country. 

In short, it may be more valuable to pursue areas where the cash flow isn't as strong on paper because it's made up for in other problems you avoid with properties in areas that cash flow well on paper at first but suffer from high turnover, a high level of vacant properties nearby, etc.- Check up frequently on the property and conduct walk throughs as allowed by your lease agreement.- Hire a solid property manager who gets paid to keep tabs on the property for you.