Multifamily Acquisition

I've reviewed the discussion on the small apartment acquisition. The buyers mentioned a cap rate of 6.5%, which seems reasonable considering the in-place rents are below market average. However, the pro-forma rents suggest a potential increase of 15% to 20% after renovations. The value-add plan includes upgrading appliances, flooring, and exterior paint, which could attract higher-paying tenants. I'd like to see more specifics on the renovation budget and timeline. A detailed breakdown of the costs and potential returns would help determine if this is a worthwhiile investment. What are the projected returns after renovations, and how do they plan to manage the property to ensure maximum profitability?