Purchase Price: $710,000 +/-Units: 12 (All 850 SF 2 bed / 1 Bath units)Current Monthly Rent: $9,300/mo (There seems to be room to push this to at least $9,700)Annual Rent: $111,600 + other income $905Vacancy: 5% (Property is currently 100% occupied with strong occupancy history)Effective Gross Income: $106,925Taxes: $9453Insurance: $6588Management: 5% (will be partially self managed) $5,079Utilities: $6,302 (only common area electric and electric heat, all other separately metered)Septic: $1,000Repairs/Maint.: $16,450Marketing/Promotion: $1,431Trash: $1,961Supplies: $1,579Water Testing: $3,177Misc: $350Total Expenses: $53,370NOI: $53,555Cap Rate: ~ 7.5%Cash on Cash: ~12% (based on 20% down and 30 year am at 5% - still finalizing loan terms so subject to change)DSCR: 1.46x50% Rule ($/unit/mo): $117.171% Rule: 1.31%GRM: 6.36Debt Yield: 9.55% (based on 20% down)Property is in overall good condition but could use some upgrading.

or do i have to wait for the negative credit card histories (ie, 180+ days late before closed) to drop off my credit record more completely in like 7yrs or whatever the current cutoff is?

Does your LLC have to have a "credit history" in order to qualify or just enough money down? 

The 2% rule should be left in the ash heap of real estate investing history.

I was thinking I don’t want to lose the credit history associated with those cards.

Next closest for you is probably the Eastern Mass REIA in Taunton.  

Just log on 15 minutes before 5:00 PDT (8:00 eastern) and the "signup" button will change to a "login" button. :)And everyone else - seeya all there! 

Fourth- what is its sales history.

@Daniel KwonSounds like you don't have much of a credit history and the bank is looking for one to gauge how you'll perform on a loan it extends.  

Great way to pick up some good info and possibly a deal.I have listed below some Rules of Thumb we use.Good luckPaulExpensesTaxes  (80% Purchase Price) x (Mill rate) = TaxesInsurance $250 per door (this could be higher, depending on if property is closer to coast, the claim history, if in flood zone, etc)Repairs & Maintenance (R&M)  $300–$600 per door Contractors and material, Carpet Cleaning, Keys and Locksets, Make ReadyGeneral Administration  $100-250 per doorManagement Fees Typically 4% of Total Income for larger propertiesMarketing/Advertising $100 per doorUtilities Take historical from last year, annualize this year’s, compare & then take the higher of the two.