You are making some money, but if you figured in CAPEX and vacancy, that number would get closer to break even.

@Caleb Heimsoth  as Bob noted, there are people who will paint for $175/day but availability might be a big issue and it also depends on what quality you're looking for (e g does it matter to you that the old paint bleeds thru in a couple of spots)if you figure around $1.05-$1.10/sq ft (of wall space, not just floor space) that will put you on the low end of retail, will give you a decent quality job but won't include wall repair or baseboards/trimdry locking the basement should be around the same price but that stuff has a pretty overwhelming odor so you might get contractors saying they either don't do it or want a premium....get yourself a quart and open it up if you don't know what I mean....I've got a painter and other contractor referrals.....most will work anywhere on the west side. 

Hi all, one thing I've always been confused about is how people figure out vacancy rates. 

I can't figure out why they have anything about mortgages in their cap rate calc, I thought cap rate was on a cash deal, where you got it was your business.

@Jeffrey H. ok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.

@Kurt Jonesok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.

That's what a good friend would suggest (Instead of all these yahoos trying to figure a way to make money off their friend's misfortune).

I'll give them a call for an estimate so I can figure out if I want/need to finance it. 

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I'm still new to BP but a lot of you guys are super creative and I figured I might as well try asking you guys for some advice.