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A late-night email turned into 10 properties, 14 units, and a 21% bulk discount—proof that disciplined outreach and clean underwriting can still win on market. We pull back the curtain on how the deal came together: from the first message to the final wire, including the appraisal that valued the portfolio near $1.21M and the lender-friendly DSCR that made financing workable even at a 6.75% rate. It’s not a highlight reel; it’s the actual math, the trade-offs, and the parts that sting.

We break down the rent roll assumptions, the 5% vacancy modeling, and the expense stack that kept projections grounded. Then we contrast those careful numbers with reality: six units vacant at takeover, turn costs in the $2.5K–$3.5K range, and a plan to stabilize without losing the thread on cash flow. You’ll hear how bulk pricing created a spread versus selling individually, why a “sleepy” Milwaukee submarket fits a long-term strategy, and how small, targeted upgrades can shift value without overcapitalizing.

We also talk leverage with clear eyes. A cash-out refinance from older assets provided most of the down payment, trimming fresh cash at close to about $35K. That choice isn’t for purists, but when debt is sized to durable income and backed by conservative underwriting, it can accelerate growth without gambling the portfolio. If you’re trying to source your next buy, we share the exact outreach approach used on MLS listings, the framing that earns responses, and the checklist for turning interest into a bankable deal.

Hit play, get the numbers, and steal the playbook. If this breakdown helps, follow the show, leave a review, and tell a friend who’s hunting their next multifamily deal.