I used the rental property calculator and the results are bellow: (I entered to offer $45,000 cash:Renter PropertyMonthly Income:  Monthly Cash Flow:   Pro Forma Cap Rate:$1,200.00                      $684.25                 9.66%NOI:                           Total Cash Needed:            Cash ROI:        Purchase Cap:$8.211.00                        $45.00                              18.25%                  18.25%I know that I need to make an offer before someone else purchase it.

Also, don't look at any pro forma numbers on the fancy marketing materials.

The price per door you mentioned generally signals class C- or D units, which means the economic loss for the units diverges from pro forma assumptions DRASTICALLY in many cases.

If that's the case you should get additional forced appreciation from bringing better management.I think this deal is solid if the hassle factor is low, the apts are reasonably low maintenance and you are very confident of your pro forma numbers.

Hi Kyle,I recommend formally underwriting the deal and creating a yearly pro forma based on the number of years you plan on holding onto the property.

I think one thing I've learned after years of missing pro forma numbers, is it comes down to learning how to manage the property manager.

After initial discussions, it sounds like it will be best to form a business and acquire a blanket loan.

An exterior appraisal will normally be done on a 2055 form as opposed to a 1004 form for a full blown report with interior inspection.

Other items we tend to pro-forma, as we do enough of these properties to know how they should be running (assuming they're being managed correctly).

I'll send you pro forma statements on the vacation homes that fit your situation, and from them you can decide if it's worth the hassle.