Small Multifamily Investing

For people who have personally or professionally invested in smaller MF deals I had a few questions, specifically in the UW.

I am looking into investing in a 32 unit 1980’s apartment complex and mainly wanted to get a sense of how people UW their controllable expenses. How would you look at UW for Y1 in terms of personnel, leasing, and RM. Do you go by looking at the T3, T4, T6, and/ or T12 and adjusting from there ? How much would you allocate for personnel for a deal this size as well as leasing and Rm?

My second question, is it better to hire a third party manager and let them handle the day to day operations or contract out everything and instead of paying them a management fee, manage it myself from that standpoint and allowing more cash flow. Also what would a property management charge for a deal this size (32 units)?

Third question, how do you go about UW for standard CapEx items? Also, what are all the fees associated with the closing of the property. By fees I mean estimated costs for attorney fees PSA/JV agreements, title reports, origination fees, surveys, etc. What would you assume for a working capital budget if any?

I received a debt quote for this property, and since it would be my first property I am concerned that I wouldn’t qualify from a Freddie Fannie mae program. I guess I am curious as to what are freddie/ fannie mae requirements for investors and also what are requirements for the Uw in terms of what the occupancy needs to be at at month 1.

Lastly, I know at the institutional level cap rates are very important, and some people may take the institutional approach for investing in small deals, but a deal this size how do you price your exit value if you weren’t going to adhere to cap rates? What methods are used by different investors to price an exit value outside of a traditional exit cap rate.

I appreciate anyone who could help me, if there is anything I am missing or crucial for investing in multifamily I’d appreciate it