I have studied flip books and repair costs etc, so I think my repair estimates are fairly close, but I'm having trouble getting a deal accepted.  

The interior needs minor touch up as well as paint and new carpet in the upstairs.My contractor did a walk through and estimated the repairs total 60k.

Zillow rent estimates are not accurate.What is the vacancy rate in your area?

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

This is making it difficult to estimate the actual expenses for the property, which in turn, makes it difficult to determine potential cash flow or lack of cash flow.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

I believe you are in the ballpark with estimated 3% towards closing cost.

Furthermore, if the 2 investments had the same cash flow at the same time, from the time of investment until the time of sale, then they shall have the same IRR.However, of course, as I cannot predict the future and since I also cannot even predict taxes, I thought of estimating IRR without taxes, hoping it will not be that different from an alternate stock market investment.

(ii) the reduction in loan balance.This can be estimated for a few years ahead to show a trend.

This building sold in 2013 for 1.66mill.AS PER PROFORMAAsking Price = $3,400,000                                                                                                      GAI = $163,494                                                                                                                                   Expenses (ESTIMATED) = $44,391                                                                                       NOI = $119,103                                                                                                          NOI / 3.4MIL = 3.5% CAP RATE (TYPICAL CAP RATES IN NYC IS 3.5 -4%)However I'm lost on what the real financials are because of the DHCR reports a rent roll totaling $5,484/mth from the Rent Stabilized apts ONLY!!