Multifamily Price Evaluation in the time of Rent Moratoriums

[Roarke Van Brunt]

I have been looking at small (1-4 unit) multifamily deals in Portland Oregon for the last year or so.  When doing do diligence I have frequently been running into expense and income reports that show large sections of non-payment, I assume due to COVID. However, it seems that few people if anybody is factoring in the increased non-payments into their pricing as they would if their vacancy rates crept up.  I see the non payment as worse than a vacancy since you still have obligations as the landlord.  Most sellers, brokers, and agents keep talking about valuations without acknowledging the lack of revenue/rents on the paper they handed over.  How is everybody else dealing with this when it comes to deal-making and valuation?