Cairo small multifamily cash flow at EGP 12,960,000

I would calculate that price without counting speculative rent growth, then show rent growth separately as upside. Otherwise you may pay today for improvements that still require your time, money and tenant turnover to achieve.
 
There is one reason an investor might knowingly accept lower current returns: the property serves a broader portfolio goal. But that does not make negative cash flow disappear. The required monthly support and the maximum period you are willing to provide it should be written down before committing.
 
Another sensitivity worth adding is collections rather than physical occupancy. A unit can be occupied without rent arriving exactly as modelled. Without inventing a loss rate, you can still test delayed or missed receipts and see whether the reserve remains adequate.
 
Be careful not to make the model so pessimistic that every property fails automatically. Vacancy, turnover work and collection delays can overlap, so adding full worst-case allowances for each may double-count the same disruption. Build a normal case and a clearly defined stress case.
 
A useful way around that is to model events instead of stacking percentages: identify when a tenant leaves, how long the unit is empty, what work occurs and when the replacement rent starts. Keep the annual percentage model as a comparison, not the only answer.
 
The event approach also exposes timing around insurance, tax and irregular repairs. Annual profitability can look acceptable while the owner still faces a cash squeeze because several payments fall before rent is collected.
 
I would turn the discussion into four requests before any revised offer: unit-level rents and occupancy, an explanation of management charges, available operating-cost history, and evidence of building condition. Missing answers should not be replaced with optimistic zeros.
 
Then set two limits: the highest price supported by the normal case and the cash reserve required by the stress case. If either exceeds what you are comfortable funding, more equity is not really the solution—it is simply more exposure.
 
Hassan’s revised model seems to point toward negotiating or waiting, unless new property information materially changes the operating income. The deadline may feel uncomfortable, but walking away from numbers that do not work is itself a completed decision.
 
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